Bank holidays in the United Kingdom are always an enjoyable time for consumers. Throughout the years, these days have been subject to a lot of problems. Banks facing technical issues would not be able to dispense money to its users. But this 2016 Bank Holiday was a big one for ATM cash withdrawals, and no significant issues were reported.
Albeit some countries around the world are for getting rid of cash completely, the average UK consumers values this commodity. So much even that they set a new record for the UK’s cash machine network. August 29, 2016, was the busiest ever August bank holiday for ATM withdrawals.
The UK Will Not Ditch Cash Just Yet
Despite this unexpected interest in getting cash out of the bank, no issues were reported. UK Banks have been dealing with a lot of technical issues over the past few years. In most cases, this had to do with not being able to withdraw funds from the ATM. The worst cases saw users unable to access their banking services at all.
With over £280m withdrawn from bank ATMs across the UK, it is evident people favor cash. With trust in banks reaching new lows, this number is not surprising by any means. Comparing this year’s haul to 2015, there is a 4% increase in withdrawals.The majority of withdrawals was made for the sum of £50 or more.
LINK Chief Executive John Howells told the media:
“The feel-good factor of sunny weather on a bank holiday provided all the right ingredients for an all-time high in August bank holiday Monday ATM withdrawals. Our demand for cash remains as strong as ever, showing that – despite much speculation to the contrary – notes and coins are very much here to stay.”
In this day and age of talks about going cashless, the United Kingdom does not seem to favor that solution just yet. This is not entirely surprising, as other options are still very “niche” right now. Dealing with cash gives consumers the sense they are in control of their money.
JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.