End of cash? - Banks fail to give full commitment to vital money access schemes All eight of the UK’s largest retail banks, including Scotland-based RBS, Bank of Scotland and TSB have set out the importance of protecting access to cash, but concerns have been raised over varying timeframes of their commitment to two vital industry cash schemes. Campaigners have been urging the banks to publicly commit to maintaining cash access for the millions of people in Scotland who still rely on it. And they were given a two-week deadline to confirm that they will continue membership of two vital industry cash-access schemes managed by ATM operator LINK and the Post Office, which are critical to protecting current provision of cash withdrawal for millions of people until legislation is introduced.
The HSBC Bank in Attleborough which is to close. Picture: DENISE BRADLEY
- Credit: Copyright: Archant 2015
We need to protect rural banking services - that’s the message coming from a Norfolk MP.
North Norfolk MP Duncan Baker is introducing a bill to parliament that would ensure banking services, like cash withdrawal, are offered through high street Post Office counters after a bank branch closes in the area, with regulation by the Financial Conduct Authority.
“When a bank branch leaves the community it s not just residents who are affected, it is the small businesses, the elderly and vulnerable people,” Mr Baker said.
29/01/2021
FAO: HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest, Santander UK, Barclays, TSB, Halifax.
In recent years we have seen seismic changes in retail banking and the UK’s cash infrastructure. The innovation that has allowed millions of consumers to enjoy the convenience of contactless payments and 24/7 access to their bank account via the mobile phone in their pocket has benefitted many.
It is clear, however, that cash is still an important lifeline for millions of people across the UK, with our latest research finding 10 million people are not ready or able to give it up. As you will be aware from your own customers, many older or more vulnerable people rely on cash as a means of budgeting or managing payments.