The UK's largest building society Nationwide has warned students that the impact of cash machines that charge a fee for withdrawing money can be much larger than they think.
Research from Nationwide shows that as many as half of the 400 ATMs on college and university campuses in the UK will charge a fee for withdrawals.
The building society warned that as students were more prone than the rest of the machine-using public to take out smaller sums of money at a time, usually about £10 to £20, incurring a £1.50 fee each time would quickly eat into their student loans.
"Students need to be particularly alert when they are withdrawing cash as charges to access their own money quickly add up and hit hard in the pocket of people already facing the challenge of making ends meet while they are studying," said Nationwide executive director Stuart Bernau.
"Across the UK, consumers will this year pay £250 million to access their money from cash machines, but those charges can be avoided if you seek out a machine that is free."To read more on banking and comparing banks, click here.
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