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Banks commit to support cash-dependant customers

UK Finance and a number of large retail banks and building societies have committed to continue to preserve access to cash for consumers and businesses.  

Barclays Bank UK, Coventry Building Society, HSBC UK Bank, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander UK, and TSB Bank have agreed to five commitments:

  • Ensuring cash will be available for those who need it, particularly small businesses, the elderly and vulnerable, when they need it;
  • Supporting the Community Access to Cash pilots;
  • Working together to consider possible models for future access to cash which address changing access requirements and meet the needs of customers and communities;
  • Protecting current critical infrastructure until a viable alternative is available;
  • Establishing and maintaining a framework to enable early identification of potential cash ‘cold spots’.

The Community Access to Cash Pilots were launched last month. The pilots are supporting eight communities across the UK to trial and test different ways to allow people access to cash.

 

The pilots will run for the next six months, during which time UK Finance will establish an Access to Cash Action Group which will develop industry proposals for how access to cash could be protected in the long term.

 

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. It is fantastic news that the government has moved swiftly to allow cashback without purchase which, alongside other initiatives, will help customers who might be less confident using other types of payments.”

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