Chamberlain discusses Access to Cash

Chamberlain showed the representatives where Bank Branches in Cupar had been historically and the ones that had closed.

Through the Financial Services & Markets Act 2023 legislation, the FCA are now responsible for ensuring future provision of cash deposit and withdrawal services for personal and business current accounts.

Chamberlain said:

“It was great to highlight to the FCA the impact on local businesses when there is no banking hub, and the result of less footfall around the high street as a result.

“After the significant closures of ATMs, Post Offices and banks across North East Fife, it has been increasingly difficult to access cash.

“While the use of digital payments has increased over the last decade, access to physical cash is still important to many people across the country, including many local businesses, and for our older population who typically prefer physical cash.

“This is why it is vital for bank hubs to open in towns before the last bank closes, ensuring people do not have to go long periods of time without access to cash.”