News

Operator bids for Nationwide Building Society's ATM network

February 14, 2005

Computing: The Nationwide Building Society announced last week it has been approached by a fee-charging cash machine operator that is interested in buying its network of remote ATMs.

The announcement highlights the extent of the change currently underway in the industry, as the number of fee-charging cash machines continues to rise.

In December, Nationwide issued a report saying that consumers are now paying £140 million (U.S. $265 million) a year in ATM charges, up 133 percent from the year before.

At a Treasury Select Committee hearing this month, HBOS Chief Executive Officer James Crosby told Ministers of Parliament that half of all cash machines are likely to charge a fee in the future, as they generated more revenues for ATM site owners.

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