Nationwide calls for cash machine rate changes

28 October 2004
Nationwide is backing an MP's calls for the regulation of cash machine operators.

It follows MP James Plaskitt's raising of the issue in an adjournment debate in the House of Commons.

Speaking about fee-charging cash machines, Mr Plaskitt called for the industry to adopt "a clear and enforceable" Code of Practice for cash machine operators.

The Labour MP for Warwick and Leamington believes such regulations are necessary to protect consumers.

Nationwide's executive director, Stuart Bernau said: "The growth of charging machines and the lack of transparency about charges are serious issues for consumers so it is quite right for MPs to demand action on this issue."

However, while he welcomes the fact that this issue has been debated in parliament, he continued by saying that the actual regulation of cash machine networks would be "premature . . . at this stage".

Mr Plaskitt would like to see all fee-charging ATMs clearly labelled, carrying prominent signs which advise customers of the exact fee they will be charged for using the machine.

Mr Bernau believes it is time for the banks and building societies to work together because if they don't "then regulation will surely follow".

Yet he concluded by saying: "I am confident that members of LINK can work together to adopt a Code of Practice along the lines of the one proposed by Nationwide."

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