Cash machine code needed, says Nationwide

26 January 2005
Yesterday Nationwide Building Society called for the banking industry to take up a code of practice for fee-charging cash machines.

The call came as the owners of some of the country's 21,000 charging cashpoints get ready to face MPs to be grilled over the matter.

Stuart Bernau, Nationwide's executive director said: "Owners of cash machines that charge are now collecting £140 million a year in fees from consumers which is more than double the amount UK consumers paid for withdrawals in the previous year.

"We hope a Code of Practice can be devised which will make it easier for consumers to differentiate between charging and free machines and which will ensure consumers are treated fairly."

Nationwide research has discovered that 40 per cent of the UK's cash machines now charge fees, and if these machines continue to increase in number at their current rate there will be more fee charging than free cash machines by the end of the year.

But the number of free machines has risen also, if at a far slower rate, meaning there are now more places to withdraw cash free than a year ago.

To avoid the high street and open an online bank account, click here.
© DeHavilland Information Services plc