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Transcripts For BBCNEWS BBC 20240704

Got to have somewhere to deposit it. So the rules that were announcing also cover the ability of businesses to deposit cash in a location thats convenient to them. But convenience is a difficultjudgment. To maintain the current provision of free access to cash, for now, the new rules will state that people should have to travel no more than a mile in urban areas to withdraw or deposit cash. In rural areas, the distance has been set at three miles. Theres going to be situations where people are very reliant on Public Transport and if theres bad Public Transport in an area, then three miles might seem like a hike to the himalayas. Whats important is that this recognises that the banks have a duty to protect their customers and to make sure that those who still rely on cash, which is so many of us, continue to be able to access it. If they fail in that duty, banks could be fined by the city watchdog. But Bank Branches are closing at a rate of more than 50 a month. So, the answer may be Ba

Transcripts for BBCNEWS BBC News 20240604 09:30:00

Living crisis bites. banks will be fined if they fail to provide free access to cash withdrawals for consumers and businesses, under new plans by the treasury. the policy aims to ensure people don t have to travel more than three miles in rural areas to take out money or make deposits. our cost of living correspondent kevin peachey has more details. the use of cash in our day to day lives is declining. contactless cards and digital payments on smartphones mean we may have less need to visit an atm or bank branch, but the government says cash can t be left to die out. cash is important. it s here to stay for the long term. many people the elderly, the vulnerable, particularly rural communities do depend on that access to cash. and if we want our shops to continue to take cash over the counter, then of course those businesses have

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