The UK’s first network of free to use cash
machines that only dispense £5 notes has been
launched by ATM operator Bank Machine in a bid to give customers
more control over their spending.
Under the Bank Machine’s ‘Fight For Fivers’
campaign, designed to increase the number of notes in circulation,
21 ATMs will appear in Martin McColl convenience shops throughout
the UK, ranging from Cornwall to Aberdeenshire.
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“This is about real people on real budgets
facing their own spending cuts. Whether you withdraw £50 or £5 at
our machines it will all be in £5 notes,” said Ron Delnevo,
managing director of Bank Machine. “There is cast iron proof that
cash – and small denominations in particular – help people to
budget, especially now during these financially stretching
times.”
The Bank of England (BoE) has been urging
financial institutions to increase the numbers of £5 notes in their
ATMs to boost circulation.
“The Bank has several projects underway to
meet public demand for more £5 notes,” said Andrew Bailey,
executive director, banking service and chief cashier at the BoE.
England. “One of these aims at encouraging the industry to include
£5 notes in their ATMs – the front line of cash provision to the
public. Bank Machine’s launch of a network of £5-only ATMs across
the UK is thus a very welcome move.”
The Bank Machine trialled the initiative by
installing two £5 note only cash machines in London which raised
the numbers of £5 notes in circulation by 100,000 per month.
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