£5-only cash machines introduced
July 16, 2010 at 4:31 pm
21 new ATMs have just been launched across the country that will only give out £5 notes, whatever amount is being withdrawn.
The argument for the introduction of the cash machines is a serious one. There is evidence that easier access to cash, especially smaller denominations, helps people to budget better.
With smaller denominations, people won’t be forced to take out more than they need, meaning they will have less money on them and therefore less temptation to spend it.
The 21 ATMs launched on June 28 at locations around the UK, including Paddock Wood, Manchester, Cardiff, Penzance, Oakham, Oxford, Newton Abbott, Portsmouth and more.
Their introduction follows on from two years of trials carried out at Waterloo Station in London.
The ATMs will also help to get more £5 notes into circulation, something which the Bank of England is keen to see. During the two years of trials, an extra 100,000 notes went into circulation, so that will hopefully be reflected across the country now that the new machines have been introduced.
The Payments Council has said that ATMs giving out smaller denominations are normally found in lower-income areas because people don’t take out so much money in a single extraction as in other areas.
The Bank of England’s chief cashier, Andrew Bailey, said that the Bank “has several projects under way to meet public demand for more £5 notes.”
All of the new ATMs will be free to use and can be found located in Martin McColl newsagents.
