Chamberlain Urges Government to Protect Access to Cash and Banking Services in North East Fife

Wendy Chamberlain, MP for North East Fife, has today called on the Government to safeguard access to cash and face-to-face banking services in North East Fife, during a debate on high street bank closures and banking hubs.

Chamberlain highlighted the growing challenges faced by residents and businesses in North East Fife, where many bank branches have closed, and connectivity issues still hinder the use of digital payments.

Speaking during the debate, Chamberlain said:

“North East Fife is well below the UK average for access to cash in terms of cash.

“We’ve gone through the review process with LINK twice, successfully in Anstruther, with a banking counter being set up as a result, but frustratingly unsuccessfully in Cupar.

“We have also had issues with cash machines running out of cash, for example in Leven where just a few weeks ago the final bank closed leaving just a Nationwide, but the Nationwide is consistently running out of money.”

In an intervention, Chamberlain also highlighted the importance of supporting vulnerable customers, saying:

“Just a couple of weeks ago, the APPG for Fair Banking had a roundtable and we discussed how, actually, online banking services don’t help those really vulnerable people where there’s a sense of shame in terms of potentially needing small amounts of help and support.

“Do the Government agree that this is something they need to consider?”

Commenting after the Ministers response, Chamberlain said:

"I’m deeply disappointed that having heard issues with access to banking services from MPs of all parties, from all parts of the country, the Minister's response was that the Government was minded not to act. I had expected better from the Minister responsible for the Financial Inclusion Committee"

“Access to cash and in-person banking remains vital, many people still prefer using physical money, and some have no alternative. In areas with poor digital infrastructure, particularly in the rural areas of North East Fife, physical cash can sometimes be much more reliable.

“The current system doesn’t adequately measure local demand. We’ve seen ATMs run dry in Cupar and Leven, and constituents left without options. The Government must give the FCA stronger powers and reassess its legislation, which only guarantees access to cash, not banking services.”