5,000 branches of banks and building firms have closed across Britain over the past seven years – with hundreds more to close by the end of 2023
- Analysis of which consumer group? He said 5,162 branches have closed since 2015
- An additional 206 branches will close by the end of 2023, with digital payments on the rise
- The UK Trades Association said 1.1 million people use cash for their everyday shopping
More than 5,000 bank and building society branches have closed over the past seven years, according to an analysis of Which?
The consumer group said 5,162 branches have closed since January 2015. A further 206 are scheduled to close by the end of 2023.
Rocío Concha, which one? The Director of Policy and Advocacy said: ‘The shift to digital payment has made life more convenient for millions, yet there is still a significant minority for whom cash is still vital.
Those who rely on cash need to be protected from the closure of bank branches and ATMs, while ensuring a minimum level of free access to cash to ensure they do not have to pay to withdraw their own money.
More than 5,000 bank and building society branches have closed over the past seven years, according to an analysis of Which? With the consumer group emphasizing that a minimum level of free access to cash should be guaranteed to people who pay in cash rather than digitally
“While businesses are in a better position to decide whether or not to accept cash, we should not sleepwalk into a situation where cash users struggle to make purchases or are shut out of certain services.”
The government said it would enact legislation to protect the future of cash. While some stores are still “cash only,” customers may find that they can’t use cash at all at other stores.
ATM Network Link recently found that nearly half of the public (45 per cent) were in a location where cash was not accepted or discouraged.
“For all the talk about the death of cash, it’s worth reminding ourselves just how important cash is,” said Graham Mott, director of strategy at Link.
Compared to 2021, the number of transactions this year has increased by about 5 percent. On a yearly basis, we’re also seeing people take out more cash when they visit ATMs.
The post office has an agreement with several banks that allow customers to carry out their daily banking business through their offices.
The Daily Mail has long campaigned to protect local post offices in Britain.
“Post Office data shows that many low-income families are turning to cash to budget in light of increases in the cost of living and additional financial pressures in the run-up to Christmas,” said Ross Burkett, Head of Banking at the Post Office.
“It also remains important that local companies can easily deposit their funds into their local subsidiaries to maximize the time they can spend trading during these difficult times.”
The Post Office said more low-income families are turning to cash to budget in light of cost-of-living increases and added financial pressures in the run-up to Christmas (file pic)
UK Finance figures show that 1.1 million people use cash primarily when shopping everyday.
“While many customers choose to use mobile and online banking to manage their money, the banking industry is committed to ensuring that people can do their banking face-to-face as well,” a spokesperson said.
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