Cash access scheme 'so important' for county's rural and older communities

Barclays, HSBC, Lloyds, Nationwide, NatWest, Santander, TSB and Danske Bank have agreed to a new system when, if one of their branches closes, they inform ATM network Link, which will assess the situation and consider if a new solution is needed.

Many rural areas in Shropshire have had their banking services depleted in recent years. Church Stretton and Craven Arms councillor Hilary Luff campaigned to save the TSB branch in Church Stretton, which closed in May this year. She believes this move is vital for the more isolated communities.

She said: "I'm thrilled Link and the banks are all coming together to ensure rural areas can get access to cash. It's so important for our rural communities, especially where we have an elderly cohort of people who perhaps aren't quite so used to and happy using cards. It's better for them."

Should a community lose a bank, there will be several options Link will consider, including whether there is a local Post Office. It may suggest a refurbished Post Office branch or a bank hub. Bank hubs involve banks working jointly to offer basic cash services on high streets, with spaces for people to speak to their own bank. Each bank may offer its own services from a hub, on different days of the week.

Communities will also be able to request a review of their community’s needs from the summer of 2022.

The collaboration, achieved through the Access to Cash Action Group (CAG), signals a long-term commitment to ensuring widespread cash and banking access for communities where services are limited.

Cash use is still around 35 per cent below pre-Covid levels, those behind the initiative have said. However, millions of people across the UK still use cash daily and many businesses need places to withdraw and deposit it.

Natalie Ceeney, chairwoman of CAG, said: “I’m delighted the industry is today committing to ensuring the cash needs of consumers and small businesses up and down the UK will continue to be met.

“We know demand for cash is declining, but we also know it continues to play a vital part in the lives of at least five million people in the UK – including some of the most vulnerable in society.”

She added: “I’m confident the new plan will lay the foundations for a positive future for cash access across the UK.”

Caroline Abrahams, from Age UK, said: “This is arguably the most promising development we’ve yet seen in ensuring older people can continue to access cash.”