Rural vacuum for getting hold of cash

New Financial Conduct Authority (FCA) research has found that fewer than half (45%) of residents in rural areas have a bank branch within 5km of their home, forcing those living in rural areas to travel further than the urban population to find somewhere to withdraw and deposit cash free of charge

The FCA said it was considering stronger requirements of the sector to ensure the five million people who rely on notes and coins are able to have access to it.

Charity Age UK has protested that people required the same guarantee of access to cash as they did for running water, electricity and the post.

The government has therefore published plans to ensure consumers and businesses have a legal right to withdraw and deposit cash within "a reasonable distance" of their home or premises.

Additionally, the Treasury has discussed the idea of utilising local shops as alternatives to ATMs by offering cashback to customers, even if they have not made a purchase.

Full article:

The BBC - Rural vacuum for getting hold of cash


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