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Although there has been a major shift towards online banking and cashless transactions, access to physical cash is still really important for many. From small business to those who may not have internet access or be able to use online banking, to those fleeing abusive relationships, access to physical cash can truly be a lifeline. That is why I have been fighting to keep cash access points despite the closures of banks across North East Fife.
Over the last few months, I have met with Link and the Financial Conduct Authority to highlight this importance and discuss measures which would ensure no town is left without an access point. This includes new rules which came into force in September last year to ensure that if a bank branch is the last branch in town, it won't be able to close its doors until a banking hub is open and up and running.
Just last week I attended the reopening of the refurbished Nationwide branch in Cupar which serves as not only a place for people to access cash, but also as a community hub and safe space. This is a clear example of how important these spaces are for communities. Nationwide also have a commitment to keep every branch open until at least the start of 2028, helping reassure customers that they’ll have access to cash in the next few years.
Last week, Link also announced the results of their assessment on access to cash in Anstruther. Their report found that there is a gap in access in Anstruther and the East Neuk more widely. They recommended introducing a cash deposit and withdrawal service which would be available Monday to Friday from 9-5 at the existing Post Office. Currently however, the Post Office offers a mobile service three hours a week. If the Post Office is unable to accommodate the provisions, I hope that the banks will be required to step in to provide a different support, such as a banking hub. I look forward to meeting the Access to cash coordinator to progress the findings of the assessment later this week.
Finally, I attended an access to banking round table in Parliament to discuss an inquiry into a recently launched enquiry by the All-Party Parliamentary Group on the Future of Financial Services, of which I am a member. Prominent financial service providers, such as the Banking Director for the Post Office and the CEO of the Building Societies Association, were present to discuss the evidence, and we discussed the link between services, such as banks and post offices to the wellbeing of our high streets and communities more generally.