Five pound exclusive ATMs launched
(29 June 2010 – UK) ATM operator Bank Machine has launched a network of free to use ATMs that only dispense £5 notes, after a trial with only two machines in London successfully boosted the circulation of the note by 100,000 a month.
The 21 new machines introduced as part of a ‘fight for fivers campaign are designed to increase the number of notes in circulation as the £5 note severely dwindles behind £10 and £20 denominations with only £1.3 billion in circulation.
Ron Delnevo, managing director, Bank Machine, said that the move will also help people manage their money, claiming there is cast iron proof that cash and small denominations in particular help people to budget.
The Bank of England has been urging financial institutions to add £5 notes to their machines for sometime in a bid to increase circulation. Bank Machine originally installed only two machines and after profound success is installing the further 21 machines in Martin McColl’s shops.
After being approached by the BoE, HSBC also stocked 100 UK ATMs with the £5 notes for a trial period.
Andrew Bailey, executive director, banking services and chief cashier, BoE, said that the fact that few ATMs dispense £5 notes combined with their scarcity means they tend to stay in circulation longer, and change hands more times before they return into the wholesale cash distribution system for fitness sorting.
The Bank has several projects underway to meet public demand for more £5 notes. One of these aims at encouraging the industry to include £5 notes in their ATMs - the front line of cash provision to the public. Bank Machine's launch of a network of £5-only ATMs across the UK is thus a very welcome move, Mr Bailey added.
Ron Delnevo, managing director, Bank Machine, said that the move will also help people manage their money, claiming there is cast iron proof that cash and small denominations in particular help people to budget.
The Bank of England has been urging financial institutions to add £5 notes to their machines for sometime in a bid to increase circulation. Bank Machine originally installed only two machines and after profound success is installing the further 21 machines in Martin McColl’s shops.
After being approached by the BoE, HSBC also stocked 100 UK ATMs with the £5 notes for a trial period.
Andrew Bailey, executive director, banking services and chief cashier, BoE, said that the fact that few ATMs dispense £5 notes combined with their scarcity means they tend to stay in circulation longer, and change hands more times before they return into the wholesale cash distribution system for fitness sorting.
The Bank has several projects underway to meet public demand for more £5 notes. One of these aims at encouraging the industry to include £5 notes in their ATMs - the front line of cash provision to the public. Bank Machine's launch of a network of £5-only ATMs across the UK is thus a very welcome move, Mr Bailey added.
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