Notemachine to start charging for withdrawals


#1

What is strange, is they are losing 2.5p per withdrawal but think that justifies charging over 90p more.

I refuse to pay to withdraw my own cash, so just use a different machine. However some people don’t have a choice.


#2

Won’t be an issue for Monzo - pay in, pay out … standard


#3

Hopefully it’ll help speed up the slow demise of cash.


(Liam) #4

I suppose it’s their machines so their rules if they want to go in that direction.

Problem for them is Brits, generally speaking, won’t pay to access their own money.

That much was proven when the major banks introduced fees for using another banks ATMs in the early 2000s.

We used cash a lot more back then and card use was nowhere near as ubiquitous as is now. There was no contactless.

Think most people will just use there card wherever possible and take out the odd little bit when they pass a wallet-friendly ATM.


(Adrian) #5

Boooo the cash machine at work is Notemachine.

Oh well, I’ll just go to the Santander over the road if I need cash.


(Daniel White) #6

I would hardly call reducing the fee by 2.5p “slashing” or is it just me?


#7

Oh I totally agree, so reducing it by 2.5p means that Notemachine thinks its OK to go from a 0p charge to a 95p charge.


(Daniel White) #8

Yeah that bit I don’t get!


(Liam) #9

I suppose they’re changing business models.
Before they were looking for volume, now they’re charging they’ll be hoping the increase in margin replaces what they’ll lose in transaction numbers.

I’d probably expect that placing of the ATMs will be come more important. A location that works for one model simply won’t for another.


#10

They should make it a £1 simple, transparent fee. It’d be eaten up!