UK Banks to Face Fines if Cash Withdrawals Not Offered Freely

• UK banks could face fines for not providing free access to cash within a three-mile radius of consumers and businesses.
• The Financial Conduct Authority will be granted the authority to enforce fines upon non-complying banks.
• Consumer advocacy groups are campaigning for greater public access to physical cash, as those without digital payment solutions still rely on hard cash.

UK Banks Face Fines for Lack of Accessible ATMs

The British authorities are planning to take a tough stance on UK banks when it comes to ensuring easy public access to cash through ATMs and bank branches. According to reports, banks must ensure that individuals have free access to cash withdrawals within a three-mile radius of their homes or businesses. If this is not done, then the banking entity can face fines from the Financial Conduct Authority (FCA). This regulation is set to be released in the coming days by His Majesty’s Treasury.

Shortages of Bank Branches & Accessible ATMs Affect Citizens

In recent years, there has been a systematic closure of local bank branches along with a reduction in free-to-use ATMs across the country. This has caused much discontent amongst citizens who rely on hard cash and do not have access to digital payments . As such, several consumer advocacy groups have launched campaigns for increased access to physical currency .

Economic Secretary To Issue Policy Statement

The Economic Secretary to the Treasury, Andrew Griffith , will issue a policy statement regarding these plans at some point in time yet unknown. It is unclear whether or not this three-mile rule will also apply nationwide or just certain areas such as rural communities .

British Firms Trading With Ukraine Face Account Closures

In other news, British firms engaging in trade with Ukrainian partners are facing account closures by UK banks . According to Politico , banks have closed accounts due concerns surrounding money laundering regulations .


It remains uncertain how this new regulation from His Majesty’s Treasury will affect UK banking entities in regards to providing easy public access to cash services . However, it is clear that shortages of bank branches and accessible ATMs have become a problem for many UK citizens , one that must be addressed soon.

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