26 May 2023 , 23:01
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Free-to-use cash machines are set to be protected under new laws.
Consumer group Which? has said it has secured a huge win after years of campaigning.
The Government has agreed to amend the Financial Services and Markets Bill, which is designed to revamp the sector.
The amendment will ensure that people have access to cash via ATMs or banks within a reasonable distance and do not have to pay to take out their own money.
This is a welcome boost for those who do not use online banking, such as some elderly and vulnerable people. The number of free-to-use cash machines fell from 53,008 to 39,154 between August 2018 and March 2023.
New rule will be advantage for people who don't use online banking (Getty Images/EyeEm)Which? director Rocio Concha said: “Whether it’s to buy everyday essentials or to keep track of spending during the cost of living crisis, cash is hugely important for millions of consumers.
“With bank branches and ATMs continuing to close at rapid rates, those who are not yet ready or able to make the switch to digital payments can’t be left behind.
“Which? has campaigned tirelessly to ensure that new laws protect free access to cash - and we are delighted that the government agrees that people should not have to pay fees just to access their own money.”