Press Release 86 28.2.00

Subject: banks and cash machines Storyline Dr Vincent Cable MP LibDem shadow spokesman for trade & industry and SOBS Patron suggests that Mutual Building Societies consider going it alone and provide their own independent cash machine network -for all consumers -if the banks seek to impose hefty charges tomorrow The mutual service would be available to all and would take advantage of the fact whereas mutuals are committed to maintaining and extending a local branch network -as the basis of their operation, banks are seeking to maximise profts by cutting out people wishing to offer instead -ultimately [as a replacement] the cold stare of the computer screen and the uncertain world of cyberspace. An Independent mutual cash point network would make full use the mutuals ethos of expanding their local branch network; expanding their local presence. The cost of transfering money per transaction may be a little as 0.29P add say 10p to cover start up costs and dare we say a small return on the investment and the mutuals would be on to a sure-fire winner! Dr Vincent Cable says “Mutuals could further enhance their reputuation as the friend of the consumer by going it alone and providing a cash machine network free of the cartel like influences of the banks.” Dr Cable adds “As for the banks replacing branches with the world of cyber space -pretending it is in the best interests of the consumer ,the fact is you will never be able to withdraw your cash from your PC! Consumers need local branches, and a local service dispensing money without being ripped off. Mutuals in theory can step in where the banks refuse to tread.” Bob Goodall co-ordinator “Save Our Building Societies” campaign tel 01727 847 370(24hrs)