Major UK banks have agreed to collaborate and share services in order to ensure that consumers and companies can continue to access cash.
The new strategy has been approved by Barclays, HSBC UK, Lloyds Banking Group, Nationwide Building Society, NatWest, Santander UK, TSB, and Danske Bank, with some more businesses contemplating joining.
The Access to Cash Action Group’s engagement demonstrates a long-term commitment to ensure universal cash and banking access for areas with inadequate services.
It implies that if a bank participating in the project decides to shut a branch, it must notify the ATM network Link by Wednesday.
Link will conduct an independent assessment of the impact of the closure on cash provision, taking into account the community as a whole, including residents and businesses. It will look at whether or not a new solution is required.
Whether, for example, no bank branches remain, Link may check to see if a nearby post office exists. It might point to a restored Post Office or a financial hub, for example.
Bank hubs are collaborations between banks that provide basic cash services on high streets, as well as venues for clients to talk with their own bank. On different days of the week, each bank may offer its own services from a hub.
Beginning in the summer of 2022, communities will be able to seek an assessment of their requirements.