1 minute read
Cash
by 55 North
PAYMENTS: WHICH?
Crunch point for cash
The impact of the pandemic continues to heap pressure on banking services, research shows.
The majority of consumers have experienced a problem accessing cash or a bank branch in the past year, new research reveals.
A survey by consumer group Which?, of more than 2,000 people, found that 57% of consumers have experienced one or more issues with accessing cash or a bank branch in the past year.
Over the past 12 months, 25% of respondents had experienced at least one cashpoint issue, while 43% said they had experienced bank branch issues.
The findings came as new Which? analysis of Link data found the total number of ATMs in service down by almost 8,000 (or around 13%) over the past 18 months.
Most of this decline occurred in the period between March and May 2020, during the early months of the Covid19 pandemic, but since May 2020 there has been relatively little further change in numbers – indicating that these closures will be a permanent reduction to the network.
Over the past 18 months the total number of ATMs in service has dropped by almost 8,000, equivalent to 13% of the total number of machines. Which? analysis
Which? also found that from the first national lockdown in March 2020 until the end of restrictions in July 2021 there were 801 bank branch closures, with another 103 set to close their doors by the end of the year.
The analysis from the consumer champion also found that there are large variations in the proportion of cash machines that charge for withdrawals across the UK. The proportion of pay to use machines in the West Midlands (28%) is higher than that in the South East (19%), the data shows.
The research also estimates that 95% of the UK population are within 2km of a free cash access point, but this falls to 77% for those living in rural areas.
Gareth Shaw, Which? Head of Money, said: “While many people can now bank digitally, millions of people are not yet ready or able to do so. It is consumers who are looking to withdraw and spend cash in nearby shops or the high street who will be hardest hit if they are left without a way to access it locally.”
