Don’t bank on easy access
WHAT’S THE POST OFFICE’S ROLE?
TO HELP support cash access, banks have arranged for everyday banking services to be available through the Post Office, which has more than 11,500 branches.
Last year, it handled some 130 million transactions on behalf of UK banks. A new three-year agreement has just been reached, so customers can continue to have this service.
Controversially, Barclays has decided to end over-the-counter cash withdrawals from Post Office branches for its customers next year. Barclays has also pledged not to close branches in remote areas or where it is the last bank in town, for the next two years.
Natalie Ceeney, independent chair of the Access to Cash Review, says the provision of banking services through the Post Office has helped to underpin the cash network – but she fears Barclays’ decision “could be the thin end of the wedge”.
WHAT’S THE INDUSTRY DOING?
A NEW £1million fund has been launched – meaning consumers can request a free ATM directly from cash machine network Link, when it’s needed. The Community Access to Cash Delivery Fund enables local communities to apply through their MP, local council, or request help directly.
John Howells, chief executive of Link says: “Link data shows that ATM usage is declining quickly. In fact, it’s down 10% year-on-year. But cash remains vital for communities and the high street.”
He continues: “We want to hear from more communities who have poor access to cash. If it meets our criteria, Link will install a free-touse ATM.”
Trade association UK Finance has another scheme – the Community Access to Cash Initiative – to fill cash gaps. It will help to set up solutions, such as cashback initiatives, where a new ATM isn’t appropriate.
SO WHO’S KEEPING AN EYE ON PAYMENTS?
THE Payments Systems Regulator (PSR) says: “Everyone should have a good choice of how to make payments in ways that work well for them, and cash still has an important role to play.
“The PSR is focusing on key areas where we can help make a difference.
“Last year, we used our powers to ensure Link met its commitment to protect the geographic spread of free-to-use ATMs.”
WHAT CAN I DO IF I’M CONCERNED ABOUT A LACK OF CASH IN MY AREA?
RESOLVER.CO.UK is encouraging people who are worried about losing their free cashpoint to complain at resolver.co.uk/ save-your-atm.
And if your bank has just closed your local branch, you could vote with your feet – and switch to one whose doors are open.