An extra 18,000 new cash machines will charge customers to withdraw their own money.
The new plans would mean the number of fee-paying machines shoot up by 75 per cent overnight, from 21,000 to 39,000.
They will belong to the company Cashbox and will be situated in off-licences, convenience stores and pubs.
In total, these machines are expected to cost Cashbox £20 million and they are currently in the process of trying to raise this capital from private equity investors.
The news comes just days after MPs once again raised their concerns over the spiralling number of fee-charging ATMs.
The new machines will mean that 39,000 of the 70,000 ATMs in the UK will charge for cash withdrawals.
Providers of free cashpoints, such as the Nationwide, have said that charging firms such as Cashbox are simply outbidding them when existing contracts need renewing.
In the past year alone, the UK has 'lost' 500 free machines as fee-charging companies took them over.
Consumers are now paying £140 million a year in charges.
And there is evidence that operators are keen to drive up charges from the current average of £1.50 to £1.75.
Cashbox announces £20m cashpoint expansion
Financial Services > e-banking > Banking news
Cashbox announces £20m cashpoint expansion
Mon, 11 Apr 2005
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