Supplementary note from HM Treasury
At the Treasury Committee hearing on 30 January,
the Economic Secretary undertook to provide a note about automatic
teller machine (ATM) transaction charges for cash withdrawals
from CAT standard basic bank accounts.
The consultation document Standards for retail
financial products, published last month, included a draft
CAT standard for a basic bank account, which stated that there
should be no one-off or regular charges for everyday transactions.
With regard to ATM charges, our intention is
that basic bank account providers should not charge customers
for cash withdrawals from their own ATMs, or for any use of a
wider ATM network for which their other customers are not charged.
We hope this helps to clarify the position.
2 March 2001