The UK government has agreed to place in law a requirement for banks to provide customers with convenient and free access to cash on the high street.
The amendment to the Financial Services and Markets Bill is unlikely to stop bank branch and ATM closures, but it should mean that every high street will have means for consumers to withdraw cash for free. This is likely to be through a free-to-use ATM, bank branch, hub, post office or even a cashback service provided by a local retailer.
Baroness Ros Altmann, prompted by consumer group Which?, persuaded the government to toughen up legislation passing through Parliament. She said: “It is great news and about time there was recognition of the role played by cash in many people’s lives.”
Rocio Concha, Director of Policy and Advocacy at Which?, told This Is Money: “Whether it’s to buy everyday essentials or to keep track of spending during the cost-of-living crisis, cash is important for millions of consumers.
“With bank branches and ATMs closing at a rapid rate, those who are not yet ready or able to make the switch to digital payments must not be left behind. We have campaigned to ensure that laws protect free access to cash and are delighted the government agrees that people should not have to pay fees to access their own money.”
