Call for new labelling on ATM machines

Banks should clearly label ATMs to indicate the charges for the millions of withdrawals that are made by consumers each year, it was claimed today.

Fianna Fáil TD Michael Finneran said people were paying millions of euro each year to access their own money.

“There should be a clear marking on these ATM machines about the cost to the customer. At the moment, that’s not available when you walk up to the machine,” he said.

According to the most recent statistics available, consumers made 227 million ATM transactions in 2003 on a network of nearly 2,000 ATM machines.

Mr Finneran, who is the joint chairman of the Dáil Finance & Public Services Committee, said stickers on ATM machines or an on-screen message should be used to alert consumers to the charges.

“We need more transparency on this. If you buy something in the shop, the price is on it.”

Banks currently have to apply to Irish Financial Services Regulatory Authority if they want to raise ATM charges. An IFSRA spokesman said there were no current plans to introduce labelling about ATM charges.