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Great Britain tightens requirements for cash supply

Great Britain tightens requirements for cash supply

Despite a significant increase in card payments and online banking, Great Britain is tightening requirements for cash distribution. Banks and building societies should ensure that all citizens have free withdrawals in their area. Otherwise, they will face punishment, the British government announced in London today.

ATMs and cash points, for example at kiosks, are currently at a maximum distance of one mile (1.6 km) from all people living in cities and at most three miles in rural areas. This status needs to be maintained – so the bank should ensure that a dispensary is set up in the same area before it closes, the statement said.

“People shouldn’t walk for hours”

Foreign Secretary Andrew Griffith said cash continues to play a key role. “People shouldn’t have to walk for hours to withdraw a tenner and put it in someone’s birthday card,” said the conservative politician. “Businesses no longer have to travel long distances to deposit their cash receipts.”

Many banks in Great Britain have significantly reduced their number of branches in recent years.