CASH MACHINE CHARGES

CO-OPERATIVE BANK DISMISSES NEED FOR CASH MACHINE CHARGES The Co-operative Bank today (22 May) hit back at rival High Street banks by dismissing claims that cash machines in rural locations are unprofitable. The Bank, which has installed around 800 automated teller Machines (ATMs) in Co-op stores, many in remote areas, in what it has identified as "cash machine deserts", says there is no need to charge for cash withdrawals. Simon Williams, Director of Corporate Affairs at The Co-operative Bank, said: "Here we go again. Some of our rivals who failed to get charges introduced two years ago are all set to try once more. But we will fight against it just as vigorously as we did before. "The idea that rural cash machines must be unprofitable is a smokescreen. We have proved that a machine strategically placed can serve the whole community and we must not forget that the interchange fees paid between banks are intended to cover the cost of the transactions. "Our rivals would do well to remember that the "hole in the wall" machine is now a basic banking service and should not be considered just as a profit making income stream." The Co-operative Bank has almost 1,000 ATMs in the LINK network which can be used by customers of all banks free of charge. Ends For further information contact: 22 May 2002 Dave Smith/Paul Lawler The Co-operative Bank Press Office Tel: 0161 829 5397/5091 Fax: 0161 839 4220 E-mail: press.office@co-operativebank.co.uk ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/22/20020522BIT00950/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/22/20020522BIT00950/wkr0002.pdf