News

Treasury Select Committee launches probe into declining free ATM numbers

09 November 2018

The Treasury Select Committee has today (9 November) launched a new inquiry into consumer access to financial services, seeking evidence on the impact of reducing the number of free-to-use ATMs and the provision of Post Office services in areas where bank branches have closed.

The inquiry has been welcomed by retail trade associations. James Lowman of ACS said: “Local shops are filling the gap in local financial service provision, where bank branches have been closed, by providing free-to-use ATMs, Post Office and bill payment services.

“We hope the inquiry will bring into focus the importance of these services to local communities and the challenges faced by retailers for hosting these services.

“Cash also remains an essential method of payment for customers in convenience stores; 76% of customers pay by cash.

“Banks and regulators need to be held to account for policies that threaten widespread and free access to cash.”

According to ACS figures, 62% of c-stores have cash machines, 64% have bill payment services and 23% have post offices.