17 December 2007
The nightmare of losing a debit card through theft or carelessness could be alleviated, thanks to a new service from a UK bank.
Under the new Emergency Cash scheme from the Royal Bank of Scotland (RBS), customers who suddenly find themselves without their cards can now access funds from their current accounts through cash machines.
Using a unique PIN number, entered at an ATM, unlocks the customer's current account without the need of a card for a three-hour period, RBS said.
However, using the new service, which commenced last week, will carry a cost from January 2008 - with £5 to be charged extra on top of every Emergency Cash transaction by the bank.
Paul Geddes, Chief Executive, Consumer Banking at RBS, commented: "We all know what an inconvenience it is to be stranded without our debit card, especially over the holiday period.
"With this in mind, we introduced the new Emergency Cash service to provide customers with a lifeline when they have lost their debit card or had it stolen and need urgent access to the funds in their bank account."
Problems of such losses seem set to grow still further in future, thanks to the increasing preponderance of credit and debit cards in the UK.
According to latest annual figures from payments association APACS, card use has increased threefold over the past decade - with £321 billion transacted on credit and debit cards in 2006 alone.
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