Sainsbury's Bank: ATM withdrawals rising

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Sainsbury's Bank: ATM withdrawals rising

Wed 19th Dec 2007

More than £10.7 billion will be withdrawn from the UK's vast network of ATMs this December, as Brits take out more cash than ever before, it has been claimed.

Research from Sainsbury's Bank predicts that some £348 million will be withdrawn every day around the UK in December, made up by 7.6 million separate cash machine transactions, on average. This equates to a staggering £242,708 withdrawn every single minute.

If these figures prove to be accurate, then it will be the first time that the UK has ever withdrawn over £10 billion cash in a single month. Just four years ago, in 2003, there were approximately 1.14 million less cash machine transactions a day, while £114.35 million less was withdrawn.

"People are more reliant on ATMs than ever before and the peak time for cash withdrawals is December," said Alex Blake, head of ATMs at Sainsbury's Bank. "This helps explain why there has been a 29 per cent increase in the number of ATMs between December 2003 and June 2007.

With cash in as high demand as ever, despite the limited introduction of cashless-payment methods such as Wave and Pay credit cards, the Post Office recently celebrated the launch of its 1,000th free-to-use ATM, at Rotherham Post Office, in South Yorkshire.

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