STRATEGIC PARTNERS
January 16, 2000
LONDON -- Nationwide, the UK's largest mutually-owned mortgage lender, has published a survey showing British consumers want free access to their money. According to the survey, 91 percent of the UK public did not believe that people should be charged for withdrawing their own cash. Nearly three quarters of those questioned felt that banks' motivation for charges was simply to increase profits. The survey of 984 people also found that nearly 50 percent of respondents would stop using certain cash machines to avoid surcharges, and 26 percent would look for alternatives such as cashbacks from supermarkets. The Link network, which includes most UK banks and mortgage lenders, is considering allowing surcharges at ATMs after Barclays Bank moved last July to introduce a one-pound charge for non-customers at its machines. Nationwide opposes Barclays' proposal, and last September said it would consider litigation to prevent Barclays from implementing the fee. According to Nationwide CEO Brian Davis, Nationwide will continue to oppose surcharging and will urge other Link members to vote against it. Link board members are slated to discuss the issue in February.
