New 'super ATMs' in UK offer free cash deposits to customers

Super-ATMs are new machines in the UK that let people deposit money from different banks. The first one is in Atherstone, Warwickshire. More will be tested soon. Cash Access UK, a group that helps with cash access, is behind this. These machines offer cash services like taking out money and checking balances. They also let customers of Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland, and Ulster Bank deposit cash for free. Other banks might join later. Cash Access UK is a non-profit company owned by big banks. The machines are part of a plan to improve deposit services. Gareth Oakley, the CEO of Cash Access UK, says these deposit-taking ATMs are important for people who rely on cash and need basic banking services. It's also crucial for businesses that handle cash to be able to bank it easily. The decline of bank branches has left many people without important services. Small business owners, in particular, struggle to deposit their earnings without closing early or traveling far. Martin McTague, the national chairman of the Federation of Small Businesses, thinks that super-ATMs that work with multiple banks are a good idea. This, along with more banking hubs and keeping Post Office counters, can make a big difference. Nationwide Building Society saw more cash withdrawals from its ATMs for the second year in a row. Last year, over 31 million cash withdrawals were made from their 1,200 ATMs, up from 30 million in 2022. This is the second year of increased withdrawals after 13 years of decline. Withdrawals had been going down before 2022, especially at the start of the coronavirus pandemic.