Cash machine warning from Nationwide Building Society

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Cash machine warning from Nationwide Building Society

Wed 27th Sep 2006

University students are being warned to plan their cash machine withdrawals carefully to avoid expensive charges for accessing their money.

Research from Nationwide Building Society shows that of the 400 cash machines sited in university and college premises, half of them charge a fee for taking money out.

And it says that since most students will withdraw just £10 or £20 a time the impact of these cash machine charges will have a huge effect on their finances.

That's why Nationwide Building Society is advising students to avoid fee-charging cash machines where possible, and to plan ahead when they need access to cash.

Stuart Bernau, executive director at Nationwide, said: "Students need to be particularly alert when they are withdrawing cash as charges to access their own money quickly add up and hit hard in the pocket of people already facing the challenge of making ends meet while they are studying."

According to Nationwide Building Society, UK consumers will this year pay a whopping £250 million to access their money from cash machines. But it points out that these charges can be avoided if consumers seek out free machines.

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