ATM withdrawals to hit record levels |
| Thursday, 20 December 2007 | |||||||||
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More money could be withdrawn from the UK's many thousands of cash machines in December 2007 than in any previous month, according to data from Sainsbury's Bank. The financial services firm has estimated that around £10.79 billion will be taken out of the UK's ATMs in December, which would be a new record for any comparable period.
This figure equates to £348.06m being withdrawn each day - or £241,708 per minute. Alex Blake, head of ATMs for Sainsbury’s Bank, said: "People are more reliant on ATMs than ever before and the peak time for cash withdrawals is December. "This helps explain why there has been a 29% increase in the number of ATMs between December 2003 and June 2007."
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Comments (2)
Dan Stiel - Stiel Direct LLC
said:
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ATMs, as well as "ad... ATMs, as well as "advanced function" self-serve banking kiosks, will continue to grow in favor among consumers as they grow comfortable and reliant on the capabilities, speed and convenience of the devices. Another factor in the growth of ATM usage is the increasing usage and market share of payment cards of all types, the proliferation of machines, and the strategic shift away from "human-delivered" service to "self-serve". |
Ana Stewart, CEO, i-design
said:
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The constant 'death ... The constant 'death of cash' prophecies are alarmist and have little or no substance. The news from Sainsbury's Bank reveals that 10.7 billion will be withdrawn from the UK's network of ATMs in December – the first time that the UK has ever withdrawn over 10 billion cash in a single month. This is hardly a bolt from the blue. Around 21 million people use an ATM at least once a week on average. Fears of a New Year recession will see careful consumers controlling their spending – increasing their use of cash and curbing a reliance on credit cards. Despite growing interest in cashless payment methods, we are moving towards financially uncertain times. Our old friend the 'hole in the wall' will remain as popular as ever. |
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