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1167492
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-10-30
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cash Dispensing: Fees and Charges more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the effect of interchange fee reductions on the number of free-to-use ATMs. more like this
unstar this property tabling member constituency Carshalton and Wallington remove filter
star this property tabling member printed
Tom Brake more like this
unstar this property uin 7628 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-11-04more like thismore than 2019-11-04
star this property answer text <p>The Government has not carried out a formal assessment of the effect of interchange fee reductions on the number of free-to-use ATMs.</p><p> </p><p>Although the management and deployment of ATMs is a commercial matter for ATM market participants, the Government recognises that widespread access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK.</p><p> </p><p>The number of free-to-use ATMs increased for over a decade up to 2017, with the majority of ATMs clustered in areas of high demand and footfall. LINK, the scheme that runs the UK’s ATM network, saw this situation as unsustainable. Therefore, in January 2018, LINK announced reductions to the interchange fee, while taking steps to preserve the broad geographic spread of free-to-use ATMs. This included protections for remote free-to-use ATMs, one kilometre or further from the next nearest free-to-use ATM or Post Office.</p><p> </p><p>In July 2018, LINK responded to lower transaction volumes at ATMs by cancelling the third reduction of interchange fees due in January 2020 and putting on hold the 4th reduction that was due in January 2021.</p><p> </p><p>More recently, LINK committed to protecting free access to cash on high streets – where there are five or more qualifying retailers – and announced £1 million to fund requests for new ATMs from local areas with poor access to cash. Furthermore, UK Finance – the trade association for the UK banking and financial services sector – has launched a Community Access to Cash Initiative, offering grants to local communities to improve cash access.</p><p> </p><p>As of June 2019, there were 48,500 free-to-use ATMs in the UK, which represented 78% of the total number of ATMs. This remains 21% higher than a decade ago.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 7626 more like this
star this property question first answered
remove filter
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
151
star this property label Biography information for Tom Brake more like this