West Lancashire MP Rosie Cooper has condemned the practice of banks charging people using cash machines to get their own money. She has joined together with approximately 100 other Members of Parliament to express her disgust at this practice that is becoming increasingly widespread.
“It is an absolute outrage that people should be charged for the privilege of taking their money out of a cash machine. Given the number of machines charging it is estimated to cost British savers a massive £125 million per year. This is money that would be better kept in the pockets of the ordinary savers not lining the pockets of the companies operating these cash machines.”
“In the past couple of years we have seen an increase in the numbers of these machines located in local stores, pubs, post offices and other places. The problem is in the places where the high street banks have no presence and people have no alternative.”
“People on low incomes are hardest hit by this practice .If you only want to take £10 out of your account there is a 20% charge to do so. Yet if withdraw £100 it works out at only a 2% charge.”
“A few years ago there was uproar when banks started charging to withdrawing money from cash machines. It was the intensity of the campaigns that stopped this practice. Quite simply it is unfair and nothing more than a money-making racquet. I hope that we can stop it.”
Rosie wants the companies who are charging people in the region of £2.00 each time they withdraw their money to stop these charges.
Rosie signed Early Day Motion 750, which reads:
That this House condemns the sharp rise in the number of cash machines which charge customers for removing their money; notes that convenience machines placed at locations such as supermarkets, public houses, post offices, factories, amusement parks and service centres charge customers in the region of £2.00 for each transaction, with the number of machines charging rising each year; further notes that overall this is costing an estimated £125 million a year, hitting those on low incomes hardest; and calls on the firms operating the machines to remove these charges.