Everyone living in the UK should have access to a cash machine within three miles of their home, the Prime Minister, Rishi Sunak, said last summer.
But as of the end of 2023, there were less than 48,000 ATMs across the country, down from a high of more than 70,000 in 2016.
A Barclays spokesman said: “We take financial crime and our responsibility to prevent money laundering seriously. We have contacted customers to let them know that from July we are making some changes to the amount of cash customers can deposit into their Barclays accounts.
“We have set the limit at an amount that will allow us to better identify suspicious activity, while still ensuring our customers have access to cash.”
A NatWest spokesman said: “We have a duty of care to protect customers, communities and society from the effects of fraud and financial crime and we’ve introduced some changes to our terms and conditions to help us to do that more effectively.
“We review our policies regularly and always seek to balance our responsibilities with the needs of our customers.”
The Post Office also applies an annual limit of £10,000 for personal customers, and £240,000 for those with business accounts.
While Santander does not apply a limit, customers depositing large sums may be asked to give an explanation for where the money comes from.
HSBC has no current plans to introduce a limit, a spokesman confirmed, although the bank “does keep its policies under review”. Lloyds Banking Group said that no changes were planned.
Harriett Baldwin, chairman of the Treasury Select Committee, said: “While I understand many more people are depositing cash digitally than a decade ago, I’m concerned a move in this direction could effectively mean those reliant on cash find it even harder to access the banking services they need.”
A spokesman for the city regulator, the Financial Conduct Authority (FCA) said: “Banks have a responsibility for reducing the opportunity for the criminal misuse of their services. We raised concerns about the money laundering risks from cash deposits at the Post Office. Banks put limits in place, in addition to other steps, as a result. Some have chosen to extend these to their own branches. However, consumers must still be able to use cash services through bank branches and the Post Office.”
Will you be affected by the new deposit limits? Email [email protected]
