Bank Services: Coronavirus

(asked on 10th June 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to support people who require access to (a) offline and (b) face-to-face banking during the covid-19 outbreak.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 15th June 2020

The Government recognises that cash remains extremely important to the daily lives of millions of people across the UK. The Government remains closely engaged with the financial regulators to monitor and assess risks around cash access and acceptance resulting from COVID-19. This includes working closely with industry to ensure access to cash.

At the March 2020 Budget, the Chancellor announced that the Government will bring forward legislation to protect access to cash in the longer-term. The Government is engaging with regulators – the Payment Systems Regulator, Financial Conduct Authority and Bank of England – and stakeholders across industry while designing legislation, to ensure the needs of cash users continue to be met. Further details on timing for legislation will be set out in due course.

Regarding face-to-face banking, the Government has been working closely with the financial regulators to ensure that banks, building societies, the Post Office and credit unions continue to maintain branch access for essential services while balancing the needs of their customers with the safety and welfare of staff. The vast majority of branches are open, though many are open for reduced hours.

Banks, building societies and credit unions are keeping their websites up to date and we would encourage customers, wherever possible, to use online services for their banking. If customers are not able to use online forms of banking, they may choose to use telephone banking rather than using a branch. The Government advises any customer who has questions or concerns about their banking to contact their provider.

Bank customers can also use the Post Office for essential banking services as an alternative to their branch and can continue to use ATMs or cash machines as normal for cash withdrawals and balance enquiries. Furthermore, several retail banks have in place solutions for vulnerable customers who may be self-isolating, including making payments through a trusted person.

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