Vince Cable calls for agreement so elderly can access 'over-the-counter banking
The elderly and vulnerable, as well as those in rural communities, must be able to access 'over-the-counter banking services' if their local branch is shut down, Vince Cable said yesterday.
Speaking after a meeting with banks, the Post Office and consumer groups, the Business Secretary said they had made 'good progress' towards agreeing a 'workable protocol' governing future bank closures.
Cable wants to introduce tougher guidelines to protect customers affected as hundreds of branches are shut each year.
New proposal: Vince Cable says it is vital the elderly can access over-the-counter banking facilities
One option is restricting banks from closing down a branch, unless there is another one within a certain radius.
All the UK’s major lenders are shutting down branches as more of their customers bank online.
Cable also wants banks to offer more services – particularly to small business customers – via the Post Office’s 11,500 customers.
He said he hoped to reach a final agreement in the 'coming weeks'.
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