Rural vacuum for getting hold of cash
Over the years in Hinterland I have regularly featured the challenges of a lack of cash machines and bank branches. The internet is only the antidote to this when people are comfortable using it and have good broadband. This is therefore a sobering story pointing to ongoing rural inequity. It tells us:
People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City regulator.
Almost every urban resident has access to a bank, building society, post office or ATM within 2km of home, the Financial Conduct Authority (FCA) said.
This drops to three-quarters of the UK rural population, its research found.
While longer distances are expected for rural residents, campaigners fear vulnerable people face difficulties.
In rural areas of the UK, fewer than half (45%) of residents have a bank branch within 5km of their home.
The FCA said it was considering stronger requirements of the sector to ensure five million people who rely on notes and coins are able to have access to it.