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Cash machines need to be transparent - Tom Brake

December 14, 2005 12:00 AM

Tom Brake, MP for Carshalton and Wallington, is calling for all cash machines to display clear signs as to whether they are free to use or not. This would enable consumers to see at a glance whether a cash machine charges. Almost half the UK's cash machines now charge a fee, typically around £1.50, for withdrawals. In total, the public will pay around £200m this year to withdraw their hard earned cash.

Tom Brake is supporting a new campaign to protect the charge-free cash machine network and to ensure transparency for consumers. Five years ago virtually all cash machines in the UK were free. But today, nearly every other machine charges a fee. According to a report by Nationwide Building Society, consumers have paid more than £175 million this year already in unnecessary charges for accessing their own money. Next year, they will pay over £250 million.

Tom Brake MP said:

"I support the principle that consumers should be able to see at a glance whether or not a cash machine will charge them.

I am concerned about the trend towards charging and will be working to ensure that a charge-free ATM network is available for every person who does not want, or cannot afford, to pay to access their money."

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