December ATM withdrawals could hit £10.6bn

by Gill Montia

Story link: December ATM withdrawals could hit £10.6bn

December could see up to £10.6 billion withdrawn from UK cash machines, according to Sainsbury’s Finance.

Despite the recession, the projected total is £ £619 million more than extracted in December 2008, as ATMs deliver £237,100 a minute in the run-up to Christmas.

Traditionally, the average amount paid out rises 12.4% in December compared with other months of the year, based on figures dating back to 2004, but Sainsbury’s Finance head of ATMs, Alex Blake, says he expects 2009 to set a new record.

For the modest shopper, more £5 notes should now be available from cash machines.

The shortage of fivers in circulation has been causing concerns at the Bank of England for a couple of years and the Bank’s chief cashier, Andrew Bailey, recently admitted that while the number of notes in circulation has increased, there is more to be done.

Two pilot schemes run by the Bank suggest progress can be made; one major bank has stocked some of its ATMs with £5 notes to test the effect on its cash business, and a major retailer has supplied more fivers to many of its stores to be used as change.