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.

[ToraToraTora]

theshedman: "Many of the smaller shops down in Devon still prefer cash as payment because of the charges they get from the card companies. " - that must be why the Polish bar near me also only takes bangers and mash!

[barry1010]

Banks charge businesses big and small for banking, many small businesses find it cheaper to accept cards than cash. Negates the problems of carrying cash to the bank, always having change, staff under ringing, and till snatches.

[Zacs-Master]

Tora, must be what they tell the tax man ;-)

[Peter Pedant]

that must be why the Polish bar near me also only takes bangers and mash!

yeah dat must be - jesus

Cash shops avoid bank charges and hem hem have other cash advantages - I am aware that those liable must pay VAT when it is due

[bobbinwales]

I wonder how nuchal cash machines are used now ( and on branch counter witgdrawls) compared to 20 years ago...must of fallen loads....

[bobbinwales]

Nuchal = much!

[New Judge]

//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.//

Quite so, youngmaf. In fact I'd think a little broader than that. I cannot understand why banks maintain the number of separate branches that they do. Where I live the High Street is not much more than half a mile long. But in that space, there is a Natwest, a Barclays, a Lloyds, a Santander, a Nationwide and a Metrobank. There may be more I've missed or not noticed.

Surely it cannot be beyond their wits to set up a hub dealing with all their customers, the costs of running it being split between all of them.

[barry1010]

Banking hubs are already in place in some areas, the majority operated in post offices by post office staff, but some are stand alone bank hubs where each bank has its own day. Barclays on Monday, Santander Tuesday... I don't know how feasible that is.
There are two free cash points up the road from us but if my wife needs cash she withdraws it from her Nationwide account at the post office. She is not comfortable using cashpoints when she is on her own. I don't think the post office is a 'bank hub' - the ability to withdraw cash there has been in place for a number of years.

If the post office is closed she bobs in the local small supermarket, buys something she wants and gets 'cashback' when she pays with her card.

[barry1010]

https://www.moneysavingexpert.com/news/2022/09/more-banking-hubs-to-open-across-the-uk-to-help-people-get-acces/

[youngmafbog]

Yes, it would and that is the principle behind Euroclear (Securities) and CLS (RTGS FX clearing & moving more to Correspondent clearing). 80 odd Banks share the company and they bill amongst themselves for the transactions used. It works very well.

[youngmafbog]

I am suggesting a lot more than hubs though. The Banks could clean up if they get it right.

[Peter Pedant]

I am suggesting a lot more than hubs though. The Banks could clean up if they get it right.

yeah but no but - it is not in their financial interests to do so is it?
It generates more profits to say - "we cant do it no how, we wont try and so we close all the branches"