Select Committee on Treasury Appendices to the Minutes of Evidence


APPENDIX 8

Supplementary note from HM Treasury

  At the Treasury Committee hearing on 30 January, the Economic Secretary undertook to provide a note about automatic teller machine (ATM) transaction charges for cash withdrawals from CAT standard basic bank accounts.

  The consultation document Standards for retail financial products, published last month, included a draft CAT standard for a basic bank account, which stated that there should be no one-off or regular charges for everyday transactions.

  With regard to ATM charges, our intention is that basic bank account providers should not charge customers for cash withdrawals from their own ATMs, or for any use of a wider ATM network for which their other customers are not charged.

  We hope this helps to clarify the position.

2 March 2001


 
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