ATM Interchange Fee

(Jack) #1

I guess the lower fee works in Monzo’s favour regarding expensive withdrawal charges?

Although as the article states it may have an affect on ATM’s closing, but with cashless transactions going up it’s inevitable for a fair number to close down.

As long as cash exists so will ATM’s to some extent.


I’m cool with less ATMs but I feel the remaining ones should get a bit more functionality. Pay cash in, withdraw cash, pay in cheques, contactless card/phone withdrawals, and a nicer more standardised UI upgrade.

Although I imagine this is what bank branches will eventually become/have become.

(Dave Berry) #3

This is about lower fees on the Link network, which Monzo isn’t part of. MasterCard network fees are already lower. Perhaps the lower fees might encourage Monzo to join Link. I may have commented elsewhere that I live in the North and there are lots of things I have to use cash for. The ATMs nearest my house are Link only. Luckily I do live in a town, so the nearest Mastercard ATMs aren’t too far away…

(Jack) #4

Ahh good point I didn’t think of that. Thanks for highlighting :slight_smile:


The problem with reducing cash machine numbers is if you have 2 or 3 nearby streets in say Leeds with a dozen ATM the loss of a few does not matter, contrast that with a sleepy small Essex town with only one ATM where it’s loss will have a major impact. If any reduction is therefore not socially-managed it will become a real issue.

(Alex Sherwood) #6

:eyes: I think going cashless is pretty much inevitable at this point, the question is how long it’ll take to get there.

( #7

Especially of course if they’ve already closed all the banks in town, half the time justifying doing so by saying “But we’ll keep an ATM so you will always be able to get your money, and make deposits into your account”.

(If there's the wrong end of a stick, you'll find me holding it.) #8

Pretty much anything is inevitable if you’re prepared to wait long enough. We still have postal orders and cheques in the system, for example.

My main worry about a cashless, or nearly cashless society is what will happen if a few companies gain a near monopoly on the transaction system. Would the cost of transactions go up, or go down, do you think?

(Alex Sherwood) #9

Why would this happen?

(If there's the wrong end of a stick, you'll find me holding it.) #10

I didn’t say when, I said if.

(Alex Sherwood) #11

Fair enough. Personally I can’t see that happening.


Why do you think that, and do have any sources?

(Jack) #13

I suspect it would be regulated if that were to be the case, just like most things that have a monopoly.
Example Openreach etc.

(If there's the wrong end of a stick, you'll find me holding it.) #14

I suspect you’re right. But regulations are arrived at after the event and by negotiation.


I suspect it would be regulated

Example Openreach etc


( #17

I was just about to say that surely openreach is THE WORST example known to man… :joy::joy::joy:


Openreach and telcos in general are a good example of government-sponsored monopolies where the regulator is in bed with the offending companies.

(Jack) #19

Yeah ok even though it may not work the best it’s an example of “regulation” to some level :sweat_smile:.

anyway, we no longer have a bank in my town. NatWest said they would keep the ATM running. 1 year later it was gone. Luckily for those that need it a new note machine was installed at the petrol station.
I suppose the other option is to take out cash at the post office.

(If there's the wrong end of a stick, you'll find me holding it.) #20

Yep. And it ‘could’ happen with transaction fees in a cashless society.

( #21

I was thinking the Post Office too, the trouble is they vary widely. There are places i know of where the PO is open the same hours as the convenience shop it’s in, 10 hours a day 7 days a week, and i also know of places where the PO is open 9am-1pm Mon, Wed and Fri.