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More fivers to be stocked in cash machines

More fivers to be stocked in cash machines

Category: Money

Updated: 03/09/2010
First Published: 03/09/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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