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MPs push for no charges on cashpoint withdrawals

MPs push for no charges on cashpoint withdrawals

High Street minister Penny Mordaunt has announced a range of measures designed to tackle rip-off cashpoint machines.

The Conservative MP said that people would no longer face charges of up to £5 a time just to take their money out of their bank accounts.

According to Ms Mordaunt, up to 20,000 points around the country currently charge people. This will be phased out over the next few years.

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However, under the measures, corner shops, pubs and petrol stations would be offered a discount on their business rates to fund any shortfall in revenue as a result.

Banks have for many years offered free withdrawals, and these measures will bring the independently operated ATMs in line with the high street.

This comes as banks started to unveil their new credit card and savings rates for 2015.

Lloyds Bank launched its longest ever balance transfer card, lasting 34 months with an effective balance transfer fee of 3 per cent.

Mark Powys, Lloyds Bank Credit Cards, said: “We understand how important it is for our customers to feel in control of their finances so we have enhanced our credit cards to provide them with a longer interest-free period on balance transfers and enable them to be better off as a result.”