Today (15th December) a number of major UK banks have announced plans to work together and share services to ensure that communities can continue to access their cash.
The collaboration has been achieved through the Access to Cash Action Group and signals a long-term commitment to ensuring that consumers can continue to have access to cash and banking services.
Communities will also be able to request a review of their community’s needs from the summer of 2022.
Findings from ACS’ 2021 Local Shop Report show that consumers think that two of the most valuable services offered in convenience stores are cash machines and the Post Office.
ACS chief executive James Lowman said: “Convenience stores trade across the heart of communities across the UK and we know that cash is still very important for a large proportion of our customers.
“We are pleased that LINK has outlined plans to review cash provisions when a bank branch closes but it is vital to also ensure areas which already do not have trading bank branches are not forgotten or left behind. The Government needs to act urgently and decisively on its earlier commitment to legislate to promote access to cash.”
ACS’ submission to the Treasury’s consultation on access to cash is available here.
The Access to Cash Action Group was informed by the Community Access to Cash Pilots and the final report from the pilots is available here.
