Bank Machine rolls out £5-only ATM

Bank Machine rolls out £5-only ATM

As growing numbers of customers tighten their belts amid the economic slowdown, UK independent ATM operator Bank Machine is rolling out a network of units that only dispense £5 notes.

Bank Machine has installed the first ever £5 note-only cash machine in East London. The company says the free-to-use stand-alone unit is the first of a national network of machines that will be rolled out in the coming months that will all exclusively dispense £5 notes - the smallest denominated bank note in the UK.

Ron Delnevo, MD of Bank Machine, says the vendor is in the process of identifying around 20 more suitable sites across London and in major cities around the UK.

"Busy sites in areas where we believe consumers would benefit from managing their budgets with smaller denominations are top of the list," says Delnevo in a statement.

Last month Bank Machine launched its 'Fight for Fivers' campaign - which is endorsed by the Bank of England - to get more £5 notes back into circulation in the UK.

The vendor says that historically ATM operators like high street banks haven't been prepared to provide machines that issue £5 notes, although wider circulation of smaller denominated paper bills can benefit both consumers and retail businesses.

Says Delnevo: "Cash circulation is of tremendous importance to the functioning of the economy and society as a whole. Having fivers in your wallet means less time at sales tills and less fiddly loose change."

Research released by the British Retail Consortium (BRC) in April suggested that the economic climate has prompted hard-up Brits to shy away from plastic in favour of notes and coins to pay for purchases on the high street.

The BRC said hard cash had increased its dominance over the previous twelve months, with physical currency exchanges now accounting for 60% of all transactions, up from 54% last year.

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