Major banks in UK could face fines for not ensuring free cash withdrawal access within a three-mile radius for consumers and businesses. The Treasury will soon release guidelines outlining expectations for banks' cash deposit and withdrawal services.
City minister Andrew Griffith is expected to elaborate on a prior government announcement, with the Financial Conduct Authority (FCA) gaining the authority to penalise banks failing to provide free cash access. The rules will prevent hidden fees for cash withdrawals by personal current account-holders. Despite the rise of digital payments, many still rely on cash, and branch closures have raised concerns about access, especially for vulnerable groups.
Several pilot programmes have attempted to offer shared banking hubs for customers of various banks.