UK shoppers could be charged up to £12 million for withdrawing their own money from fee-charging cash machines this Christmas, warns Sainsbury's bank.
The supermarket bank, which has a 'no charge' policy on all its cash machines, says almost ten million cash withdrawals carried out this Christmas will incur a charge.
Already consumers are charged over £140 million each year to take out their own money, says the bank.
Sainsbury's Bank says more clarity is needed so that consumers can make an informed choice about where they draw their cash from.
Tim Pile, chief executive of Sainsbury's Bank, said: "People need to make sure that they know whether or not the cash machines they use charge for making withdrawals."
Sainsbury's calls for better clarity on charging machines backs up previous announcements by Nationwide that it is putting clear signage on its machines so customers are immediately aware that they will not charged.
The bank says charging cash machines should be denoted with a red sign so that consumers are aware they will have to pay to take out their money.To read more about Banking News, click here.
© Adfero Ltd