A cash machine that only offers £5 notes has been installed in East London in order to help customers manage their budgets better.
Instead of offering the usual £10 and £20 notes, the ATM on Roman Road in Bow only offers fivers. Unveiled yesterday by Bank Machine, the ATM has no charges, and is intended to be the first of many.
"We’re delighted to be able to launch this cash machine in Tower Hamlets, and are in the process of identifying around 20 more suitable sites both across London and the other major cities in the UK," explained Ron Delnevo, managing director of Bank Machine.
"Busy sites in areas where we believe consumers would benefit from managing their budgets with smaller denominations are top of the list, but we do need local authorities’ support," he said. "We’re looking forward to working with them to secure planning permission which will enable our national network of fiver-only ATMs to happen.”
Last month, Bank Machine, the UK's fastest growing ATM network, launched the Fight For Fivers campaign, with the aim of getting five pound notes back into circulation and is looking to make partnerships with site owners in locations where £5 notes might be most in demand by consumers.
Recent research revealed that there are not enough £5 notes in the UK and as a result, the campaign has been endorsed by the Bank of England. Andrew Bailey, Chief Cashier at the Bank of England, said: "£5 notes have a vital part to play in the UK purchasing chain and I welcome this initiative by Bank Machine to give easier access to these notes in key ATM locations throughout the UK."
Bank Machine believes that getting fivers back into circulation will be of "huge benefit to both consumers and retail businesses alike," making those ATMs that do offer £5 notes more attractive to customers and helping those customers to budget more effectively.
"Our campaign is particularly timely given the current credit crunch, as many people feel more able to manage their finances by spending cash," explained Mr Delnevo, "£5 notes will allow them to be even more careful in keeping their spending down."
Bank Machine created the UK's independent ATM market ten years ago and now has 2,500 cash machines throughout the country. It began by installing pay-to-use cash machines in convenient locations but has since built a free-to-use network – which already includes more than 500 ATMs in locations such as NHS hospitals, military bases and low-income areas.
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