ATM use jumps as cost-of-living payments land in bank accounts
Cash machine use jumped this week as some cost-of-living payments started to hit bank accounts, according to ATM network Link.
The second instalment of a £650 payment to help people on low incomes started to be paid into bank accounts from Tuesday November 8, as part of a wider package of Government support measures.
People receiving the payments of £324 into their bank accounts include those receiving universal credit, income-based jobseeker’s allowance (JSA), income-related employment and support allowance (ESA), income support, pension credit, child tax credit and working tax credit.
Link said ATM transactions were up by 12% between Tuesday and Thursday this week compared with the equivalent period a year ago.
Graham Mott, director of strategy at Link said: “This week has been much busier than expected for Link cash machines.
“The middle of November is normally pretty quiet, often not helped by the weather, but this week has seen as real boost to cash as consumers get their cost-of-living payments. We may well see some more spikes in ATM use going forward as more payments are due before Christmas.”