An ATM within 5 km: the United Kingdom will fine banks that fail to comply with this radius in rural areas

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Banks registered in United Kingdom will be penalized if they do not offer adequate means of withdrawing and depositing cash within a radius of up to 3 miles (4.8 km) in rural areas and one mile (1.6 km) in urban areas of their customers’ residence, either a private individual or a commercial firm. The new guarantee of “reasonable provision” of access to banknotes and coins, without commissions or additional costs, will be supervised by the Financial Conduct Authority (FCA, in its acronym in English).

Entities that fail to comply with the measures risk incurring fines, the maximum and minimum amount of which has not yet been disclosed. Defenders of the survival of cash in a society dominated by electronic payment systems in all domestic areas, from the supermarket to the pub and the electricity bill, complain about the lack of details in the statement issued this Friday by the Treasury ( equivalent to the Ministry of Economy).

“People should not have to walk hours to withdraw 10 euros (from the account) and put the bill in a birthday card. Nor should merchants travel long distances to make a deposit of their cash income,” said the secretary of State of the Treasury, with responsibility for the financial district of London, Andrew Griffith.

The Government is satisfied with preserving the current situation regarding the provision and coverage of services in cash. Thus, analyzes managed by the FCA suggest that the “vast majority” of those residing in urban areas of the United Kingdom have access, within a distance of one mile, to an ATM, bank terminal or shops that facilitate the withdrawal of tickets with cards debit. In rural areas, the road to travel extends up to three miles from the home or business.

Ministerial sources recall that 95% of the population lived within five kilometers of a cash dispensary in mid-2022. This data includes access to ATMs or other bill and coin entry and deposit services.

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