We must look after customers
HALF a million people across Scotland risk being left behind as a cashless society edges closer and closer, and they are running out of choices to do their banking transactions.
Banks are abandoning High Streets and access to cash in Scotland has been decimated.
Since 2015, 53 per cent of Scotland’s bank branches have closed – the highest percentage loss anywhere in the UK.
Yet these stats are largely being overlooked, which is why the Scottish Affairs Committee, has today published a report considering access to cash.
There has been insufficient Government intervention and while I agree ministers should stay out of commercial matters, people and their way of life must be protected.
The one piece of legislation seeking to protect access to cash is through the Financial Services and Markets Bill.
But the Government’s very positive intentions, before even becoming law, has led to the opinion of the Committee that banks could be pre-emptively closing ahead of legislation taking effect to protect access to cash and banking services.
Banks have been rapidly closing with limited thought for communities. In our inquiry, it was good to learn the Post Office is helping to fill the void.
A further help could be for all ATMs to allow cash deposits – rather than just those at banks and limited to own customers.
The evidence for their introduction is strong.
The Government’s recent announcement is welcome and responds to our recommendations for more support on access to cash. But banks are leaving town and with this decision, must also come responsibility
to ensure loyal customers who rely on cash have the means to continue daily lives.