Banks sign up to ensure access to cash

Banks and building societies have made commitments to preserve access to cash over the long term, trade association UK Finance has said.

Barclays Bank UK, Coventry Building Society, HSBC UK, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander UK and TSB have signed up.

Together, these financial institutions represent 16 bank or building society brands.

The commitments provide certainty that access will be available for people and businesses to withdraw and deposit cash, both now and in the future, UK Finance said.

Banks will also work together to consider possible models for future access to cash.

According to UK Finance’s payments market report, an estimated 9.3 billion cash payments were made in 2019.

David Postings, chief executive at UK Finance said: “The banking and finance industry is committed to making sure there is access to cash for those who need it as we recognise that cash is still an important way to pay for many.”