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MPs urge banks to lift ATM restrictions

MPs urge banks to lift ATM restrictions

Category: Banking

Updated: 31/08/2012
First Published: 31/08/2012

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 It is now over 6 months old so the content may be out of date.

The Treasury Select Committee (TSC) has urged Royal Bank of Scotland and Lloyds Banking Group to relax its restrictions on customers withdrawing cash from rival-owned ATMs

Basic current account holders with RBS and Lloyds are currently bound by terms and conditions to only withdraw money from cash machines at branches of the state-owned banks.

The TSC believes the strict conditions could result in banks charging competitors' customers to access their money and warned that a lack of usage could signal a fall in the number of available ATMs outside branches.

A spokeswoman for RBS Group said: "RBS will look closely at the committee's report. We remain committed to offering a free basic account for people who may otherwise struggle to access banking services."

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ATM stands for an automated teller machine or automatic teller machine (ATM), also known as a cashpoint, cash machine or a hole in the wall.

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