WITH effect from November 5th, Co-operative Bank customers will no longer pay to withdraw money from the small number of Co-operative Bank cash machines located at Co-op stores that levy an upfront charge.
And from the end of next year, once the technological solution is in place, the charge will also be dropped for all Co-operative Group members regardless of which bank card they use.
Just 211 of the 2,268 Co-operative Bank cash machines located at Co-op stores throughout the country levy a fee. The rest, plus those located at Co-operative Bank branches, attract no fee. Sited in locations where there is lower footfall and cash machine usage, the charging ATMs have required a transaction charge to ensure they remain economic.
The fee will be dropped for Co-operative Bank customers with effect from November 5th and from the end of 2006, Co-operative Group members will be able to make withdrawals without a charge at Co-operative Bank ATMs situated at Group stores.
David Anderson, Chief Executive of Co-operative Financial Services (CFS) commented: "The issue of cash machine charges is a complex one and we have a principled stance that means we only charge where the economics of a particular site is absolutely necessary.
"Our solution benefits Co-operative Bank customers straight away and Co-operative Group members from the end of next year. Anyone who relies on a Bank fee-charging ATM in their area could become a member of the Co-operative Group by paying £ 1, which would then entitle them to use the machine free of charge from the end of 2006."