Bank Machine Ltd., an independent United Kingdom-based ATM deployer, today installed its 300th ATM that dispenses only five-pound banknotes (U.S. $8.01) or fivers, and company officials announced they have plans for more.
Workmen installed the machine at East Croydon station in Greater London, the first train station to receive a fiver-only machine, said Bank Machine officials. The new fiver sits next to two standard ATMs.
Ron Delnevo, Bank Machine’s managing director, predicts this fiver-only ATM will be the IAD’s busiest, dispensing more than 50,000 fivers every month. The Cardtronics Inc.-owned company is the only ATM operator deploying ATMs that dispense only fivers, Delnevo said.
“The free-to-use fiver-only sites are located on high streets, in hospitals, student unions and low-income areas,” Bank Machine officials said. The IAD plans to continue its expansion of the fiver-only ATM network, deploying 100 additional machines by June of this year. Bank Machine installed its first fiver-only ATM in 2008 in East London.
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Bank Machine will continue to lead in the dispensing of five-pound bank notes despite competition, Delnevo said.
“It was good to see the recent announcement by some banks that they intend to put some fivers into their machines,” Delnevo said. “However, fiver-only machines, such as those run by Bank Machine, are still likely to dispense more fivers than all other ATMs put together. And because our machines are fiver-only, customers can always withdraw as little as 5 pounds if need be.” Delnevo emphasized “always.”
He added Bank Machine’s ATMs will dispense around 75 million five-pound banknotes this year. More than 50 percent of transactions are 10 pounds (U.S. $16.03) or less and Bank Machine will dispense 3 million five-pound banknotes by April, Delnevo said.
The Bank of England, the country's central bank, has several projects underway to meet the public's demand for five-pound notes.
Andrew Bailey, the bank's chief cashier, has encouraged the ATM industry to include five-pound notes in its machines to assist citizens in monitoring their finances.
"ATMs are the front line of cash provision to the public," Bailey said in a statement.
Bank Machine, which is based in Hatfield, Hertfordshire, has deployed more than 3,000 ATMs in the U.K.
