VULNERABLE customers are being let down by the state-backed banks failing to offer access to all cash machines (ATMs) with their basic accounts, the influential Treasury Select Committee (TSC) of MPs said today.
And if other banks followed suit, it could put more than one-third of the LINK network of machines at risk of closure, the TSC warned.
“It is particularly regrettable that this ‘beggar my neighbour’ approach may lead to the closure or, in the case of cash machines not operated by banks, conversion to charging of existing free to use cash machines,” the MPs’ report concluded.
“We recommend to the banks concerned that these restrictions be removed.”
But the banks argued that their free accounts offered a good service to customers and that they operate a large range of ATMs which are available.
“We remain committed to offering a free basic account for people who may otherwise struggle to access banking services,” said RBS.