Senior_AP

I see recently more and more discussion on this point.

I see both sides.

Paying over a pound to draw out £10 is extortionate!!! However, I do think that if you use a cash machine of a rival bank/building society you SHOULD pay a fee. Perhaps only 20p or something??

At the end of the day, the high street banks/building societies are in competition so why should Bank X not charge you for using their facilities if you are not a customer of theirs?!?!

Discuss....

apples24

iTrader: (1)

got charged £1.50 other day which peed me reet off


so i went into the branch, went to counter said i got charged £1.50 to use machine,

women looked at me to say well... yes and???

so i emptied there two bowls of free mints from the side into my coat pockets and off i went

my thinking would of cost me a quid or so from the shop anyway lol


**** that i allways have to have some form of revenge, them money grabing ******* lol

WRX Jase

Most employers insist on paying money into your bank account and they know this. So what better way of grabbing an even bigger share of it than to charge for the priviledge of getting your own money off them.

It stinks IMHO. Didn't they back down on this when the supermarkets said they wouldn't charge and that if the banks did they could remove the cash machines from the supermarkets premises? I could be way of the mark here but it's what I heard.....

It doesn't cost them £1.50 a transaction to process does it ? It's about time they had their wings clipped. It's not like they need another profit center is it. Have you seen the profits ????

Eitherway, don't give them the satisfaction. I get cashback when I go to the supermarket.

Follow the logic. If they charge to get money out shouldn't we charge them when we pay it in ;-) ??? Seems fair to me.

Senior_AP

Where I agree the cost is stupid, do you not agree that you should pay for a service, if offered by a company that does NOT have your custom??

You don't use your Tesco Clubcard in Sainsbury's do you. The same applies with cashcards. If you bank with NatWest, why should Halifax not charge you if you use YOUR cashcard in THEIR cash machine?????? Yes, the service being offered is the same - cash. However my point about the Tesco CLubcard being used in Sainsburys is valid also - both of them offer the same service - food.

Should be like 10 or 20p at absolute max imo though.

Dunk

iTrader: (1)

??? The cash machine has to warn you of the charge before you withdraw your dosh, so if you don't want to pay it go to another machine or move your bank to one that doesn't charge.
If you can't work that out, you shouldn't have a bank account.

D

farmer1

Ahh the joys of being payed in cash.

Senior_AP

Kinda exactly. If you need cash, and the closest machine is Halifx and you bank with NatWest you have 2 choices. Accept the charge (by the rival bank) or find a cash machine with NatWest written on it.

The whole "Link" thing was set up to assist people if/when they get stuck, but true to form British people moan about having to pay for a service that is designed to help in "what if" situations.

Lower the cost but do not abolish it.

ChrisB

http://news.bbc.co.uk/1/hi/business/4111753.stm

Suggests otherwise.

Geezer

I can understand a bank charging someone who is not a customer for using their services, but this is not (or was not) the case with cash withdrawals.

If you banked with HSBC for example, and you took money from Barclays, it was HSBC that charged you!

That was what all the fuss was about.

Geezer

Senior_AP

It's more hassle for your bank than if you use their ATM.

So again, I'm not gonna complain about paying a charge.

ChrisB

From my experience, I've not been charged by using a rival bank for years. The main 'culprits' seem to be the ones reference in the link I posted above:

AndyC_772

iTrader: (2)

Because the two (and others) have a reciprocal arrangement to the mutual benefit of their customers. One of the benefits to customers of bank X is an arrangement with bank Y that allows X's customersto use Y's machines for free. In return, customers of bank Y get to use X's machines for free. There is mutual benefit to both X and Y, which in turn gives them a competitive advantage over A, B and C whose customers don't have as much choice. Eventually everyone gets to use everyone else's machines.

From any one bank's point of view, the extra use their machines get from competitors' customers is offset by their own customers going elsewhere. There's no net increase or decrease in number of transactions processed, so the only extra cost is in running the reciprocal arrangement itself. This is offset by the competitive advantage that being a member of the network offers.

The independent cash machine companies don't have customers of their own, so the 'mutual benefit' argument doesn't apply. That's why they charge, which is why I don't ever use them.

Senior_AP

.....perhaps maybe because the rival bank charges your bank, in turn your bank charges you......

Charges (imo) should be clear, at the beginning of the transaction. The actual cost should be slashed in terms of pence and pounds but I do not mind paying a small amount for a convenience that in some cases makes life a whole lot easier.

WRX Jase

I can see where you are coming from BUT they have never charged for this in the past so how can they justify it now ? The banks teamed up to set up a co-operative network (2 I believe) to save them having to have a cashpoint for every bank to save money. i.e. a Natwest one, next to a Halifax one next to a HSBC one etc. It saves them mones as they can have less machines so why charge for it just coss it happens to be someone elses ? If they didn't have these things then we'd have to go into the branch to draw money out and they couldn't cope. How would you react if they charged for that as it would be even more expensive ? Be the same as Tesco saying "Oh your shopping is £10 and there's a service charge of £1.50 on top of that". You'd be straight down Sainsburys.

I agree with Dunk. I will not pay to get MY money back. If it says "there is a charge of X" I walk. I don't care if it is 10p. It's my money, they make enough playing with it on the stock market while I'm not using it. If the industry was in dire straits I could agree but look at the profits.

Senior_AP

Just because banks make alot of money doesn't mean they can't find new ways to do so?? Seems there is a "problem" with the fact that they make money like any business should.

So, if they didn't make much profit you'd mind less about paying for this service?? Isn't that a bit like disliking someone cos they are better off than you????

ChrisB

My bank hasn't charged me for using a rival's cashpoint either.

Senior_AP

At the end of the day, they are separate companies. If they offer a service that makes things easier for us then paying a "small" fee does not bother me at all. Better that and to have the option than not at all.

£1.20 DOES bother me though - bothers me alot!!

WRX Jase

Not my point. I am saying that if the business model wasn't working then fix it. However, it clearly is. Also, if one bank said that they wouldn't charge then the rest would have to think twice.

As for disliking them for making profit that's incorrect. I know enough to know that a good chunk of my pension is tied up in shares in financial institutions so if they don't make money it hurts me. My point is that obtaining MY money is a direct cost of business to them. They never charged in the past when it was all done in the branches. It is now cheaper than ever for them to process these transactions and they suddenly want to charge an exorbitant amount. My point is they wouldn't be quite as forthright if the vast majority of the population didn't have to get paid by automated credit. To me this is abusing the power that they have.

BlkKnight

Banks per-say aren't the issue. I'm with Natwest and can use pretty much any bank and not get charged.

It is the LINK outlets which charge a quid a pop.

LINK AFAIK aren't tied to any particular bank, and don't have outlets near banks. They put their machines inside pubs, in remote areas or anywhere there isn't a cashpoint machine.

And they charge you for using their service.

You do get a warning on the screen about the charges - so if you are too lazy, or unprepaired - cough up and look happy.

I think that's fair enough TBH

Dunk

iTrader: (1)

I have have no issue with the charges being levied for using another banks machines, you are paying for convenience, if you don't want to pay, then plan. It's no different to paying a premium to use a corner shop when you can't be arsed to go to the supermarket, but would you do all your shopping there ?

D

Senior_AP

I'm prettty much with you.

The charges are unnecessarily high but the principle does not bother me at all.

Abdabz

Makes sense to me - good post - and Im not just saying it because it was written by a moderator ...Spot on...Couldnt agree more...
P

fast bloke

Just change your account to Northern Bank. They don't charge for withdrawls, and don't seem to have a daily limit

http://news.bbc.co.uk/2/hi/uk_news/n...nd/4117219.stm

DavidBrown

If you go into your bank and draw money out, it's free.. but I'm sure it costs that bank more money to have the staff serve you than it would to give you money from a machine.. so I don't see why there should be a charge.

But as mentioned above, it's these LINK machines popping up everywhere that cost a good percentage.. but that's the price you pay for convenience.. just go to your local bank and get it free from the wall.

jonc

2 words: cash back.

Vonzack

I don't mind being charged when I use a cash machine abroad or those that are appearing in pubs. But when I go to a bank on the highstreet and get charged that's out of order.

Tiggs

just go into the bank every day after pay day...draw all your money out as cash and store it under your bed.......or......


pay for a bloody service!!!

Senior_AP

Exactly.

Simon C

Ok peeps, time for a few truths on this. I work in this industry, I used to work for Cardpoint and now work for the Link Interchange Network, I have a feeling I will be going back to work for Cardpoint in the near future. The UK is the only country where the banks swollow the transaction fee for all their customers, but this is changing. 20 odd years ago, when the ATM's first came out, the only way the Watchdog / Governemnt would allow the banks to have them was for the banks to not charge their customer for using them, this agreement is long dead. As for the convienience Cash machines, there is a simple answer don't use them. Everything costs now adays, even getting paid by bacs costs money. In the next few years you will see transaction charges becoming more common, you already pay them when you use your credit card.

The Link network is a non profit company who is owned by all the orgainsations who sign up to it, ie: all the banks, Cardpoint, hanco et all, but has no cash machines of it own, it just supplies the network interface between the ATM and the banks.

Its a small world in this industry and some of the banks are involved in the "independant" cash machines.

You have been warned, this will become common over the next few years.