House of Commons
EDM #1431
Tabled 20 June 2018
2017-19 Session
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.

Signatures (42)

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.
In addition to the sponsors, the following Members have signed to support the motion.
There are no withdrawn signatures for this Motion