Money News
A new report by APACS - 'The Way We Pay: UK Cash and Cash Machines' - shows that the Great British love affair with cash machines continues. According to the payments association the number of UK cash machines has more than doubled in the past six years to 58,000+.
The report also shows that we know which machines charge - hence we mostly use the free machines provided by banks and building societies, and which don't charge even if we aren't their customer. Figures show that of the 33.8 million adults who regularly use cash machines the vast majority of their withdrawals - 97% by value and 95.5% by volume - are through these machines.
The report goes on to reveal that more cash withdrawals were made in the UK during 2005 than anywhere else in Europe: 2.7 billion, an increase of 6.7% on 2004; or an average of 86 withdrawals for every second throughout the year. This amounts to a record £172 billion withdrawn, or £5,455 per second. Based on the number of cash machines by surface area, the UK has the highest density of cash machines of the large EU member states.
In addition to cash withdrawal, balance enquiries and PIN change, most bank and building society cash machines now offer a range of routine banking services. These might include enabling customers to make account transfers, pay bills, top up mobile phones, order statements or cheque books and obtain mini statements.
15 September 2006 © Moneyextra.com
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