Nearly a quarter of free-to-use ATMs have vanished since 2018 and almost half of bank branches have been earmarked for closure since 2015, according to Which? The consumer group said customers who rely on face-to-face banking services and cash to pay for everyday essentials are at risk of “being cut adrift”.
The UK Government has previously said it will legislate to protect the future of cash, and Which? is calling for this to happen in the Queen’s speech next month. The consumer champion also sent a letter to the Treasury on Monday which says: “With rising living costs placing additional pressure on people’s personal finances, the consequences of being unable to withdraw cash for those consumers who already rely on it could be significant.”
The letter continues: “Unless legislation is introduced urgently, the ability to access, spend and deposit cash could be permanently lost for many consumers, leaving some of society’s most disadvantaged at risk of financial exclusion with no way to pay for the goods and services they need in their daily lives.”
