Government sets out free access to cash framework

It’s part of a set of minimum expectations on banks to protect services for people and businesses wanting to withdraw or deposit cash – including cash withdrawals without any fees. Additionally, the Financial Conduct Authority (FCA) has been provided new powers by the government to protect the provision of cash access services.

The FCA will also be able to use these newfound powers to make sure banks and building societies are keeping up to these standards – and have the power to fine them if they do not.

Reflecting on this, economic secretary to the treasury Andrew Griffith said: “Whilst the growing choice and convenience of digital payments is great, cash has an important and continuing role to play.  

“That’s why we are taking action to protect access to cash in law and laying out that this means fee-free withdrawals and the availability of cash facilities within a reasonable distance. People shouldn’t have to trek for hours to withdraw a tenner to put in someone’s birthday card – nor should businesses have to travel large distances to deposit cash takings. 

“These are measures which benefit everyone who uses cash but particularly those living in rural areas, the elderly and those with disabilities.”