The U.K. is facing a shortage of fee-free ATMs, which is majorly impacting customers who use cash. In fact, 12,178 fee-free ATMs were removed since 2018, according to a report by UK Yahoo Finance.
Research from Which?, a consumer review company, found that 4,685 bank branches closed in the U.K. since 2018. Rural areas saw banking cuts of up to 50.7%.
For rural areas and elderly customers, this is a particularly large problem as rural areas often lack the digital infrastructure to support online banking and payments and elderly customers prefer to use cash.
Which? is calling on the UK government to act to avoid “an irretrievable collapse” of Britain’s cash system.
“While many consumers have embraced digital banking, there are still millions, including the elderly, vulnerable and isolated, who aren’t yet ready or willing to make that switch — and they must be protected,” Jenny Ross, money editor, Which?, said in the report “With just two weeks to go until the Queen’s Speech, it really is now or never to halt the cash crisis. Though banking industry proposals for action are welcome, what’s needed most is the legislation promised by the government to protect cash.”
Categories: Cashless Society
