If action isn’t taken, cash as we know it today could be gone in two years’ time. Join us in calling for the government to protect access in the upcoming budget.
Getting access to your own money is under threat.
In the past two years alone, almost 10,000 ATMs have closed across the UK and more than 3,000 bank branches have closed their doors.
All the while, consumers are paying more and more to take cash out of an ATM. It’s unacceptable that almost a quarter of the ATM network now charges people just to access their own money.
Last year, people paid £100m in withdrawal fees. These changes hit those on the lowest incomes the hardest.
This comes despite the fact that, last May, a new Joint Authorities Cash Strategy Group (JACS) was set up by the Treasury – but there has been no public progress update.
It’s time for action now
1.9m people in the UK are solely reliant on cash, while it’s thought that 8m would struggle in a cashless society.
If action isn’t taken, this situation will only get worse; LINK has now said that without government intervention, cash as we know it today could be completely gone in just two year’s time.
If action isn’t taken cash as we know it today could be gone in two years time. Are you worried about bank branch closures, or free-to-use ATMs vanishing from your high streets, or being forced to pay to access your own money?
Posted by Which? Money on Monday, February 24, 2020
It’s clear that we cannot rely on industry goodwill alone. These ad-hoc initiatives will not be enough to save cash over the long-run and risk leaving people and communities slipping through the gaps.
That’s why, this week, we’re calling for the government to step in.
In the upcoming budget on 11 March, we want the government to legislate to protect access to cash for the millions of people who rely on it across the country.
What we’re doing
Today marks the start of a week of action to save bank branches and ATMs across the country.
This week, we’re asking you to join our calls on the government by adding your voice to our campaign.
On Wednesday, Anabel Hoult, the CEO of Which? will be writing to the Chancellor of the Exchequer, Rishi Sunak, outlining why the government must act now and what we want to see happen.
We’ll be publishing the letter in full here on Which? Conversation.
On Friday she’ll then be taking your stories directly to Downing Street.
Digital innovation can be a good thing and, for those of us who have a choice, digital payments can bring real benefits. But it’s clear that we are not ready to go cashless yet.
Thank you for your support – we’ll be updating this page next week to let you know the progress we’ve made.