New ATM rules could see Brits having to pay out every time they withdraw cash, a consumer watchdog has warned.

Figures have revealed that cashpoints across the UK are shutting down at a rate of 300 every month.

From 1st July, changes to the way the ATM network is funded will come into effect and experts from Which? have warned the changes could spark mass closures and withdrawal fees.

Operator Link is to cut the fees operators receive from banks when ATMs are used from tomorrow.

Link said there would be a phased reduction in the interchange fee, the fee card issuers pay ATM operators, starting next week.

The position will then be reviewed annually, taking into account the impact on consumers, with a 20 per cent reduction in interchange fees eventually anticipated after four years.

Link said the effect was expected to be “a modest decline in the number of ATMs in areas where they are heavily concentrated but with no diminution in the overall geographical coverage”.

 

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