New Record For Summer Bank Holiday Cash Withdrawals

By | September 3, 2016

The U.K.’s largest cash machine network, LINK, reported that on the 29th of August it was their busiest ever summer bank holiday, for ATM withdrawals. Over £280 million was withdrawn overall. This was a 4% increase on last year’s bank holiday which had a massive £269 million in total withdrawals. This again had a similar increase to the previous year..

The chief executive of LINK, John Howells commented that the the sunny weather on the bank holiday must have provided the correct ingredients for a new record in summer bank holiday ATM withdrawals. Despite much speculation, the demand for cash from ATM machines remains as strong as ever. Old-fashioned currency such as notes and coins is here to stay.

This of course does not beat the bank holiday record set in May where a total of £1.7 billion was withdrawn from ATM machines. This total equated to approximately £33 for every adult in the UK and roughly £430,000 was withdrawn every minute. This was a rise of more than £100 million (7%) from the May bank holiday from the previous year.

G4S recently announced that four in 10 payments across Europe are performed with either a debit card or credit card and British people are some of the highest users. Supermarket research also recently revealed that 64% of shoppers use cash for their shopping.

While May saw the busiest bank holiday for withdrawals, the busiest ever day was actually on Friday 21st of December in 2012 where a grand total of £724 million was withdrawn from various ATMs across the country. It is assumed that this high number of withdrawals was due to it being the last Friday just before Christmas and many employee’s last day in the workplace before the Christmas holidays.

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