New cashpoint rules at NatWest, Nationwide, Santander, Lloyds ATMs begin today
New rules to protect access to cash for consumers and small businesses will come into force TODAY. The new rules affect some of the largest high street banks in the country - from HSBC UK and NatWest to Nationwide, Lloyds, Santander, Halifax and TSB.
The full list of affected companies includes Virgin Money, HSBC, Natwest Bank, Ulster Bank, Nationwide Building Society, Northern Bank Limited (Danske), Santander UK, The Co-operative Bank, Lloyds Bank plc and Halifax as well as Bank of Scotland.
The Royal Bank of Scotland (RBS), TSB Bank, AIB Group (UK) and Bank of Ireland (UK) complete the list alongside Clydesdale Bank plc. Under the new rules, banks and building societies will have to weigh up whether local communities lack access to cash services, like branches and ATMs, and provide additional services where they find 'significant gaps'.
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Sheldon Mills, Executive Director for Consumers and Competition at the FCA, said: “The way we spend money is changing, and far fewer of us use cash day-to-day. We don’t want to stand in the way of change, but we do want to ensure reasonable access for those who continue to rely on cash. Our new rules are already having an impact, protecting vital services for communities across the country.”
Banks and building societies will have to assess cash access and understand if additional services to provide access to cash are needed when changes are being made to local services such as a bank branch closing. Banks and building societies will be required to respond to local residents, community organisations and representative groups, who will be able to request an assessment of whether there are gaps in local cash access.
Where significant gaps are found, the banks and building societies will have to deliver reasonable additional cash services. Emad Aladhal, director of retail banking at the Financial Conduct Authority (FCA), told the PA news agency that the changes will support people who rely on cash, as well as local businesses. He said: “This is about making sure that we retain an ability to deposit money and an ability to withdraw money in local communities.”
“Our rules are about making sure that the banks and the co-ordinating body, being Link, listen to that. They will need to consider the existing facilities to deposit cash, and the existing facilities to withdraw cash, they will need to consider things like the journey times of individuals and businesses as well as the reasonableness of that travel time and the cost.
“So, it’s not about looking at a map and going as the crow flies, it’s actually about: Is there public transport? How expensive is it for people to use it? How difficult is it? Et cetera.”