Why does'nt UK cash machines dispense five pound notes?
2007-07-13 09:07:00 · 12 answers · asked by sarah-jane B 2 in Business & Finance ➔ Personal Finance
according to banks it costs too much and takes too much time, it was on the news earlier in the week and they asked the same, apparanly the bank of england has a back log of £5 notes but banks and businesses dont like them which is why most fivers are really tatty and falling apart, there is speculation they may be taken out of circulation
2007-07-13 09:14:50 · answer #1 · answered by littlemissmuffett 3 · 1⤊ 0⤋
Any cash machine is capable of dispensing any denomination. Most cash machines have 2 cash trays. Each tray can be stocked with 1 denomination. Individual cash machine owners decide what denominations to stock in the machines based on expected use and capacity. 5 pound notes are probably believed to be not worth the space.
Note: this answer is based on working at a US bank. I doubt the actual machines are different.
2007-07-13 17:10:29 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
They usually don't because its extra work filling the machine, for what is now counted as a small amount.
Some cash machines do actually dispense £5 notes, it depends on the bank. The HSBC cash machine in my town dispenses £5 notes.
2007-07-13 16:22:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The volume of cash transactions through atm's determines the amount of each bank note there is limited amount of money that the machines can hold and by filling them with £5 notes they would frequently have to be replenished, which would take them off line and at weekends this would particularly cause intolerable inconvenience to customers. Hope this answers your question.
2007-07-13 19:50:28 · answer #4 · answered by Soup Dragon 6 · 0⤊ 0⤋
I think it's down to the banks. There was something on the news recently about how many £5 notes the banks just keep in storage because they don't want the hassle.
Check the link below to a Channel 4 news article
2007-07-13 16:11:55 · answer #5 · answered by hvmorfun 3 · 1⤊ 0⤋
Yeah, Its the Same in Canada, Most machines will only give out $20. It makes it easier for the people who Own and Operate the machines. Here, store owners and such can have
cash machines right on the premises.
2007-07-13 16:24:01 · answer #6 · answered by zanthus 5 · 0⤊ 0⤋
In my lifetime (and I'm 29), I have come across just two that do.... the one on campus at Uni. (obviously 'cos students have no money) and the Barclays bank ATM in Sudbury, Harrow, that's it. I think the other answers are correct.
2007-07-13 16:15:22 · answer #7 · answered by Christopher P 2 · 0⤊ 0⤋
some do, but the smnallest amount you can ask for is a ten, whihc really annoys me when you know that the machine is often stocked with 5's
2007-07-13 16:14:53 · answer #8 · answered by Lucy 5 · 0⤊ 0⤋
Banks don't like dealing with them. The government has asked them to put them in as they used to years ago.
2007-07-13 16:17:22 · answer #9 · answered by jen 5 · 0⤊ 0⤋
money has become so worthless over the years, in a few years you will ask the same question about Tenners
2007-07-13 16:10:21 · answer #10 · answered by john m 6 · 1⤊ 0⤋