Record credit, debit card ATM use predicted
By UK CreditCards.com
Britons will withdraw a record amount of money from cash machines on their debit and credit cards this month, according to research by Sainsbury's Finance.
Sainsbury's predicts that ATMs will dispense £10.6 billion during December, representing a significant rise of £619 million from 12 months earlier.
The total figure equates to £341 million in withdrawals per day, £14.2 million per hour or £237,100 per minute and is the highest monthly volume for six years.
Alex Blake, head of ATMs at Sainsbury's Finance, said: "This party season, make sure you don't leave getting your cash to the last minute -- why not get your spending money while you're doing your shopping."
The credit card provider reached its conclusion after analysing trends between 2004 and 2009, finding that 12.4% more cash is withdrawn in December than during a normal month.
Sainsbury's became the first major British supermarket to immerse itself in financial services when it opened a bank for trading in February 1997.
It is now believed to have over 1.5 million active customers with combined deposits worth more than £6 billion.
Published: 29 December 2009
- Financial capability: Managing money and planning ahead – A recent report on financial capability based on six elements shows many Brits need to hone their financial skills. This short series will give tips on how to improve each area ...
- What we buy and how we spend: A decade of change – The Payments Council took a look back on the past decade in a February 2013 report, which found that Brits are splashing out on fun -- and moving toward a cash-free lifestyle ...
- Glimmers of optimism appear among financial gloom – With Christmas debt looming and warnings of a triple-dip recession in the headlines, you might think consumers are feeling pessimistic about their finances. But recent research shows otherwise ...