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Category: Money Date: 9/3/2010
More £5 notes are to be stocked in cash machines, it has been revealed.
Consumers have shown a strong desire for fivers to be more readily available from ATMs, with three quarters saying they would be satisfied or very satisfied if a cash point could dispense £5 notes, according to research conducted by YouGov last year.
Furthermore, a recent pilot scheme conducted jointly by the Bank of England and HSBC was judged to be a success and resulted in a better quality of £5 notes being dispensed and entering circulation.
During the pilot period, the number of transactions at the ATMs labelled as dispensing £5s increased while the number of transactions at other cash points in the same branch fell.
A higher proportion of £5 notes in circulation are of poor quality compared with higher denominations.
However, the Bank of England has announced that it intends to make a better quality of £5 notes available to providers.
And a report by LINK has revealed that all of the UK's largest banks and building societies have put plans in place to begin dispensing £5s notes from their ATMs.
The providers that already offer fivers – Barclays, HSBC and Lloyds TSB – are to increase the proportion of £5s notes being dispensed.
"The largest independent ATM operator by value of notes dispensed, Bank Machine, is also working to increase £5 dispense, while other independent ATM operators are investigating how they can contribute," added LINK.
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