UK Banking Industry Commits to Access to Cash
UK Finance and the largest retail banks and building societies in the UK have made five commitments to continue to preserve access to cash for consumers and businesses over the long term.
Barclays Bank, Coventry Building Society, HSBC UK, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander UK, and TSB have all signed up to the commitments.
UK Finance said that the move provides certainty that cash access will be available for individuals and businesses to both withdraw and deposit cash, now and in the future.
The commitments ensure that the financial institutions will ensure that cash will be available for those who need it, particularly small businesses, the elderly and vulnerable, when they need it.
While also supporting the Community Access to Cash Pilots, working together to consider possible models for future access to cash which address changing access requirements and meet the needs of customers and communities and protecting current critical infrastructure until a viable alternative is available.
The firms will also establish and maintain a framework to enable early identification of potential cash ‘cold spots’.
Last month saw the launch of the independent Community Access to Cash Pilots, first established by the industry, which are supported by the major banks, consumer and SME groups, the Post Office, and LINK. The Pilots are supporting eight communities across the UK to trial and test different ways to allow people access to cash.
The pilots will run for the next six months, during which time we will establish an Access to Cash Action Group which will develop industry proposals for how access to cash could be protected in the long term.
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