Closure Of Free To Use Atms

EDM number 1431 in 2017-19, proposed by Gerard Killen on 20/06/2018.
Categorised under the topics of Financial institutions and Financial services.

That this House notes that LINK, the manager of the UK's free-to-use ATM network, proposes to cut the interchange rate fee the method by which ATMs are funded, by 20 per cent over the next four years; further notes that the first five per cent cut is to be implemented on 1 July 2018; stresses that the cut to ATM funding poses a serious threat to the integrity of the UK's free-to-use ATM network; notes that ATM suppliers and consumer representation bodies are concerned about the risk of financial exclusion, particularly in deprived and rural areas; highlights that the Payment Systems Regulator (PSR) has said that it will intervene if the UK's free-to-use network is threatened; notes that, when it appeared before the Scottish Parliament's Economy Jobs and Fair Work Committee, LINK acknowledged the first five per cent cut could result in the closure of 10 per cent of ATMs in Scotland, significantly higher than initial estimates; notes that if these closures are replicated UK wide as many as 40 per cent of the free-to-use network could close; highlights that in a number of studies, despite a move to a cashless society, access to free cash remains vital for many communities and that the closures are beyond the pace of change in consumer activities; calls on LINK to halt its cuts to the funding for ATMs; and further calls on the PSR to conduct a full market review of the ATM network to establish demand.

This motion has been signed by a total of 42 MPs.