Union calls for the right to use cash to be enshrined in law to protect people amid mass bank closures
- ‘Disturbing’ consequences to a slew of High Street bank closures, GMB said
The right to use cash should be enshrined in law to protect people amid mass bank closures, a trade union has urged.
There are ‘real and disturbing’ consequences to a slew of High Street bank closures, the GMB, one of Britain’s largest trade unions, said yesterday.
It is the latest organisation to call for cash payments to be protected as many shops and venues now allow customers to pay only by card or digital methods.
Low-paid workers, older people and small businesses are among those who could be at greater risk of financial crime if they lack skills with digital payment technology, the GMB said.
Gary Smith, GMB General Secretary, said: ‘If you’ve not had to use a computer in your day job, then learning how do to it as an older person – with no support – can be a challenge. And to learn how to spot the scammers is harder again.’
There are ‘real and disturbing’ consequences to a slew of High Street bank closures, the GMB , one of Britain’s largest trade unions, said yesterday (Pictured: Gary Smith, GMB General Secretary)
The GMB wants to see legislation akin to that in US states such as New Jersey and Connecticut. It wants the legal right to pay for goods and services in person using cash, and a statutory obligation on banks and ATM outlets to provide an appropriate network of free-to-use cash deposit and withdrawal services across the UK.
GMB and Aegis, the financial services union, are seeking support for its campaign at the Trades Union Congress (TUC) annual conference this week.
Rishi Sunak has said it would not be ‘appropriate’ for the Government to impose such restrictions on businesses.
An uptick in shops asking for non-cash payment methods has come hand-in-hand with a wave of closures of banks and building societies.
Around 5,600 branches have closed since January 2015, at a rate of around 54 each month, according to consumer group Which?.
In 2023 alone, 427 bank branches have closed and a further 220 are set to close this year, meaning 647 in total.
‘This trend being allowed to continue would have stark consequences. Millions of vulnerable customers would be left with little or no access to their cash,’ Mr Smith said yesterday.
‘Even with digital becoming commonplace, it doesn’t work for everybody – losing face to face services in more places throughout the country is a huge problem for many.’
Source: Read Full Article