In January 2018, LINK announced a phased 20 per cent reduction in Interchange rates over four years, from around 25p to 20p. The first five percent reduction took effect on 1st July 2018 and the second five percent reduction took place on 1st January 2019. In July 2018 the LINK Board announced that the third reduction, due in January 2020 was cancelled and put on hold the fourth reduction, due in January 2021, pending a further review. This review is now complete.
John Howells, Chief Executive of LINK said: “Despite the challenges of the coronavirus crisis LINK is committed to maintaining the UK’s extensive coverage of free-to-use cash machines for many years to come. LINK will continue to set Interchange to deliver free-to-use coverage in line with our commitments to the public and to our participants and LINK continues to monitor the cash machine network carefully. LINK will not hesitate to make changes as needed to protect UK consumers.”