Banks ‘drive down cash delivery rates’

BANKS have been accused of forcing down the rates they pay for the delivery of cash despite a fivefold increase in the amount of money in circulation in the last 10 years.

Cash-in-transit firms, fighting a rearguard action after being warned by the justice minister that standards have to improve, are claiming that banks have used their financial muscle and competition in the sector to drive down their costs.

While the major cash-in-transit firms have been reluctant publicly to criticise the banks, representatives of the security sector and the unions have backed claims made by industry sources.