Cash use rebounds despite lockdown – access must be maintained ‘as long as people need it'

As coronavirus impacted the economy, banks and other financial institutions closed down a number of branches and cash points, limiting cash access for thousands of customers.

In response to this, the FCA finalised its guidance on branch and ATM closures or conversions and pushed its commitment to keeping cash access a priority.

As the guidance, released in late September, detailed: “This guidance sets out our expectation that firms should carefully consider the impact of a planned closure of a branch or ATM, or conversion of a free-to-use ATM to pay-to-use, on their customers’ everyday banking and cash access needs, and other relevant branch services.

“Where firms do close or convert any of these sites, the guidance sets out our expectations around alternative access arrangements.”

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