{"id":36735,"date":"2018-08-16T09:47:43","date_gmt":"2018-08-16T14:47:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36735"},"modified":"2018-08-16T09:47:43","modified_gmt":"2018-08-16T14:47:43","slug":"why-are-atms-disappearing-at-an-alarming-rate-after-a-wave-of-branch-closures","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36735","title":{"rendered":"Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures?"},"content":{"rendered":"
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Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures?<\/a><\/h3>\n<\/header>\n
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Banks are curtailing \u201ccash services.\u201d But why?<\/strong><\/p>\n

In Australia, banks are reducing ATMs<\/a> by about 8% a year. In the UK, ATMs \u2014 or cashpoint machines, as they\u2019re termed locally \u2014 are disappearing at a rate of around 300 per month, leaving consumers in rural areas struggling to access cash, according to a new report<\/a> by the consumers\u2019 association, Which? The rate of closures has increased sixfold in the period from November 2017 to April this year from a steady pace of 50 per month since 2015.<\/p>\n

Banks in Spain have closed around 40% of their branches over the past ten years, on the back of unprecedented industry consolidation and cost cutting. In Barcelona, there are now less than half the number of branches there were in 2008. But it\u2019s in small towns and villages where the impact is being felt most keenly. According to<\/a> new research, by 2016 as many as 4,114 municipalities \u2014 the equivalent of 50.7% of all urban settlements \u2014 had no bank branches at all.<\/p>\n

Banks in Spain are are also shutting down many of their ATMs. In 2017, the biggest lenders withdrew<\/a> over 1,100 cash machines \u2014 around 3% of the national total. BBVA, Spain\u2019s second biggest lender mothballed 192 ATMs (2.9% of its total stock) last year; Bankia, 301 (4.8%); Caixabank, 47 (0.5%), and Banco Sabadell 541 cash machines, the equivalent of 15% of its total stock.<\/p>\n

This is all happening at a time when banks in Spain are making it more and more difficult to access cash from the branches that remain open. As we previously reported<\/a>, Spain\u2019s third largest lender, CaixaBank, last year launched a pilot project in Madrid aimed at limiting cash services in their branches to less than three hours a day, from 8:15 am to 11 am.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures? Banks are curtailing \u201ccash services.\u201d But why? In Australia, banks are reducing ATMs by about 8% a year. In the UK, ATMs \u2014 or cashpoint machines, as they\u2019re termed locally \u2014 are disappearing at a rate of around 300 per month, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[6805,41,21266,1035,5660,743,2080,4927,4255],"class_list":["post-36735","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-atms","tag-australia","tag-bank-branches","tag-cash","tag-don-quijones","tag-spain","tag-united-kingdom","tag-war-on-cash","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36735"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36735\/revisions"}],"predecessor-version":[{"id":36736,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36735\/revisions\/36736"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}