Another Solution Looking For A Problem?

[ToraToraTora]

https://news.sky.com/story/banks-warned-on-branch-closures-as-access-to-cash-to-be-protected-in-law-12941856
so will they forced to install cash machines all over the country side for people who live out in the sticks? 98%+ are already within 3 miles of a cash machine.

[New Judge]

But the government will be seen to be "doing something", Tora. Dead easy to threaten large organisations with fines (which will come out of shareholders' dividends anyway).

It's strange that they can always "do something" about problems which either don't exist or are minimal in effect, but cannot do something about matters which really need solving.

[Old_Geezer]

Well if they weren't so *$&$€£¥ thick and knew their service responsibility to the public was to keep and run high street branches (with ATMs) then they'd not have scored an own goal and put themselves in such a position. No doubt they'll be asking their shareholders for the cost of reversing their idiocy then.

[barry1010]

They are not being forced to install machines all over the country - the machines are already in place and they are being forced to maintain the numbers and just as importantly, keep them free.

[ToraToraTora]

OG the banks are not run by the government. They are a business and if branches are not being used they are not needed.

[youngmafbog]

It's not just a cash machine though, its a free withdrawal cash machine.

This all needs to be put into a charter for a UK Banking licence along with not being able to refuse a basic account for a UK resident unless otherwise approved by the FCA or similar.

The solution is fairly easy. All the Banks need to do is join forces (like they do with EoC and CLS) and have a single owned company that deals with this for all of them. It shouldn't be difficult or indeed any more expensive than current, might even come out cheaper.

//98%+ are already within 3 miles of a cash machine.//
Yes, but going forward?

//It's strange that they can always "do something" about problems which either don't exist or are minimal in effect//

Whilst I have sympathy with the comment surely it is good they are pre-empting a future issue? And that is how it should be. We would soon all knock them further down the line if they did nothing.

[youngmafbog]

//OG the banks are not run by the government.//

No, but they are licenced to operate by them.

[ToraToraTora]

barry it says they are thinking of making it law that everyone must be within 3 miles of a cash machine. 98%+ already are but the rest will be people living in remote areas. If it's law they'll have to do it.

[ToraToraTora]

Yeah Licensed YMB but they don't run them, they don't decide branch closures etc.

[youngmafbog]

So see my suggestion.

[ToraToraTora]

sorry didn't see your 09:44 post at first.

[youngmafbog]

//they don't decide branch closures etc.//

Absolutely not. But they should make is a condition of a licence that certain levels of access are maintained for all. If not they will just provide a service on an industrial estate and *** everyone else.

If any Bank doesnt want to provide basic Retail banking that covers all the population then they should drop the licence and just be a commercial or investment bank or whatever.

Whilst I appreciate I am opening up myself for accusations of being a Commie (might even maka a couple of new friends form the resident commies on here ;-) )the problem these days is that it is impossible to live today without a Bank account and that is why we need some protections in place as a condition of licence.

[Peter Pedant]

98%+ are already within 3 miles of a cash machine.
erm then there is llittle problem about enforcement which was gonna be froo fines

but it is designed to stop further closures. Charging cash machines are predominantly used by (old) social classes 4 and 5 and is an un-necessary charge.

sort of off shoot of Farage - everyone should have a ( right to) a bank account

social engineering 101

[Peter Pedant]

oh, B A for YMB - bit of sense on a TTT thread for a change
( note to self: I must stop being a botch)

[theshedman]

What happens to all the branch staff when the branch closes. Do they relocate them all or make redundant.

[youngmafbog]

No need to be rude to TTT PP. It is a genuine question and line of thought that I am sure many others share.

[barry1010]

The report says 99.8% of the population live within 3.1 miles of a free cash machine. "Today's policy statement makes clear that the FCA should use its powers to maintain this level of coverage while recognising that needs may differ by location and change over time."

[Peter Pedant]

No need to be rude to TTT PP.

frequent two-liner to be seen on AB, playing every day of the week:
1.Foo - free cash- why day do dat den? as the axiom
2. day do already !!!! day radio-rental den ?

yes I do use cash and yes the local corner shop has charging cash machine used by all the dossers and yes I did see three children going to a private school

[Old_Geezer]

No one said banks are owned by the government. But banks have a function needed by the public and of late are uninterested in properly providing it in the interest of improving their bottom line.

[theshedman]

Many of the smaller shops down in Devon still prefer cash as payment because of the charges they get from the card companies.

[Zacs-Master]

Yeah, that’ll be the reason.