Bank Machine Ltd. Monday launched a network of ATMs that dispense only the 5 pound banknote, which is the ATM independent sales organization's second effort in a year to promote the currency's distribution to assist cardholders with their budgets.
Bank Machine deployed 21 free-to-use ATMs throughout the United Kingdom as part of the company's "Fight for Fivers" campaign, which is designed to give cardholders more control over how much cash they withdraw from the machines, Jessie Winston, a Bank Machine spokesperson, tells ATMmarketplace.com.
The network's launch follows Bank Machine's deployment of two ATMs in London in 2008 and 2009 that dispensed only 5 pound notes (U.S.$7.53), Winston says. Prior to the machines' deployment, the 10-pound note (U.S. $15.10) was the smallest banknote ATMs dispensed in the United Kingdom.
The Bank of England, the country's central bank, has pushed to get more 5-pound notes into circulation and the Bank Machine's ATM deployment is part of that effort.
"The bank has several projects underway to meet public demand for more 5 pound notes," Andrew Bailey, Bank of England's chief cashier, said in a statement. "One of these aims at encouraging the industry to include 5 pound in their ATMs—the front line of cash provision to the public. Bank Machine's launch of network of 5-pound-only ATMs across the UK is thus a very welcome move." Bank of England said 1.3 billion pounds worth of 5 pound notes were in circulation last year.
Ron Delnevo, Bank Machine's managing director, says the ATMs will help consumers budget.
"This is about real people on real budgets facing their own spending cuts," Delnevo said in a statement. "Whether you withdraw 50 pounds or 5 pounds at our machines, it all will be in 5 pound notes. There is cast iron proof that cash — and in small denominations in particular — help people to budget, especially now during these financially stretching times."
Bank Machine, which is owned by Cardtronics Inc., a Houston-based ATM independent sales organization, is based in Hatfield, Hertfordshire, England. Bank Machine operates 3,000 free and pay-to-use ATMs in the United Kingdom.
