Record breaking cash withdrawals
January 18, 2007 by admin
Filed under News, News-Banking
Data from Link shows that cash withdrawals over the Christmas period were not affected by gloomy predictions about consumer spending.
Many analysts had anticipated a quiet festive period on the high streets but, according to Link’s figures, more cash was withdrawn than ever before.
The firm operates the UK’s cash machine network and found that a record number of withdrawals (152,929,048) were made in December.
The amount of money withdrawn was 7.3 per cent higher than the same period in 2005, with the average consumer withdrawing around £64 each visit.
“This was a record year for seasonal cash machine transactions with figures reaching new heights this Christmas,” said Graham Mott, head of planning and development at Link.
“Despite pessimistic predictions about consumer spending, it appears that UK consumers began their Christmas shopping and socialising towards the end of November this year.
“As is tradition, the last Friday before Christmas was the busiest day recorded this year despite the fact that there were still two remaining shopping days before Christmas. It appears that people were keen to get all their shopping out of the way and enjoy the festivities,” he added.
