This Is Money review the return of the Fiver
This is MONEY.co.uk
Fiver revival: £5 note dispensing cash machines increase by 490% in just two years
By LEE BOYCE
The number of cash machines that dispense £5 notes has seen a huge surge in the last two years, with 3,954 ATMS now dispensing fivers according to research.
This compares to just 670 ATM machines stocking the notes in 2009 as the popularity of the £5 note continues to grow with economic uncertainty lingering in the UK.
The LINK Consumer Committee has praised the progress made in increasing the number of ATMs which dispense £5 notes as part of its annual report.
The £5 note programme, which is supported by the Bank of England, has seen a huge and continuing improvement in the number of £5 note ATMs.
It comes after the Bank of England announced a promise in March 2011 to double the number of new £5 notes coming into circulation every year to around 800million.
Cash machines do not need to be replaced to accommodate fivers, but simply re-configured so that cartridges containing £5 notes can be included.
They may also need new ‘dispense algorithms’, to avoid customers making large withdrawals being bombarded with smaller notes.
Cash is the preferred payment method throughout the world according to Ron Delnevo, managing director of Bank Machine, to the extent that 90 per cent of all purchases are made using cash.
In addition, the LINK Consumer Committee has hailed the further progress across a range of areas, including the spreading of the free-to-use ATM network into the UK’s most deprived areas and the positive news regarding the drop in ATM fraud and the success of ongoing fraud prevention measures.
Dr Ken Andrew, Link Chairman, said: “The Committee’s strong support for the expansion of the number of £5 note dispensing cash machines has helped to deliver an excellent result and help make cash even more convenient to consumers as part of their day-to-day lives.”
I'M A BIG FAN OF FIVERS IN CASH MACHINESComment by Lee Boyce
A few years back when I visited a friend at Essex University, there was the option from the on-campus cash machines to withdraw £5 notes, which I thought at the time was a good idea ? after all, sometimes you just need £5 for a few essentials.
It is helpful, for example, when you need a few items from a small shop, but don’t want to pay by card because the shop either charges you a transaction fee, or you're unsure whether they do or not.
In the last week, on two separate occasions in two separate locations, I have been able to obtain £5 notes from cash machines which made me realise how far the scheme is starting to reach.
At the weekend, I took out £20 from a cash machine in Rayleigh, Essex, for a few drinks out at the pub with friends, which came out as four £5 notes.
I found this very handy as I didn’t have to carry around big bulging pockets of change, like I would if I bought drinks with a £20 note.
Also at the weekend, I managed to obtain a solitary £5 note from a Tesco cash machine in Brockley, South East London. This came in handy as I was driving back and forth across the Dartford Crossing at £1.50 a pop.
This smaller amount also meant a speedier get through time at the Crossing and also meant that I didn’t have to withdraw £10 and carry around £7 in change which I would have probably spent on non-essential items.
I believe this scheme will continue to grow in popularity and before long, the majority of cash machines will carry crisp fivers ? especially in deprived areas.