Statement by LINK Interchange Network Ltd.
31 March 2005
LINK welcomes the report from the Treasury Select Committee on Cash Machine Charges and the acknowledgement that it makes of the additional transparency that LINK has brought to charges at Cash Machines, whilst recognising there is more to do.
LINK has been in the forefront of providing transparency on customer charges and ever since Cash Machine charges were permitted customers have always been told of the precise amount of the charge, and been given the opportunity to cancel the transaction.
To increase transparency still further, in April 2004, LINK introduced Rules to require that customers should be warned of charges as they approach the Cash Machine and before they insert their card. After six months’ operation, LINK reviewed the operation of this rule and introduced enhanced rules on signage that come into force in July 2005.
At the end of 2004, LINK also introduced a graded series of sanctions, covering fines, disconnection of Machines (with the ultimate sanction of expulsion from LINK) that could be introduced in the event of non-compliance with signage rules. LINK has also introduced a comprehensive series of initiatives to monitor compliance with Cash Machine signage rules, the first of which will commence in April 2005
LINK provides the infrastructure that enables customers to withdraw cash from any Cash Machine (and not just those operated by their own bank). LINK operates within the regulatory parameters set out by the Office of Fair Trading (OFT) under Competition Law. It is forbidden from having any role in the siting of ATMs, whether or not a charge is made, and the level of customer charges.
LINK looks forward to continuing constructive dialogue with consumer groups and other organisations to improve the operation and transparency of the UK’s ATM network.
-ends-
For More Information:
Howard Aiken
LINK Interchange Network Ltd
Tel: 01423 356 000
Mobile: 07850 233 854
Email: haiken@link.co.uk
John Pinniger
Primeword Communications
Tel: 020 7738 6000
Mobile: 07050 052 934
Email: johnpinniger@primeword.com
Information for Editors
LINK Interchange Network Ltd manages the UK’s ATM network, the world's busiest shared ATM network, providing 101 million debit and credit cardholders in the UK, with access to 55,234 cash machines. LINK also manages transactions for the basic bank accounts that form part of the Post Office’s universal banking services programme and has implemented an ATM prepay top-up service on behalf of mobile phone operators.
Charging Transparency Resolution
That with effect from 1st July 2005:
And further that: