Suffolk town leaders worry for people's access to cash unless decisive action is taken to protect withdrawal and deposit facilities.

The Government unveiled new plans to give the Financial Conduct Authority (FCA) power to address cash access issues at both a national and local level.

Between January 2019 and March 2022 the number of cash machines in Suffolk fell from 404 to 353.

To support the FCA, the government will set out its expectations for a reasonable distance for people to travel when depositing and withdrawing cash.

This will reflect the existing spread of cash withdrawal and deposit facilities in the UK.

These measures will be legislated for in the upcoming Financial Services and Markets Bill.

Town leaders from Aldeburgh, Woodbridge, Eye and Hadleigh shared their views on the new legislation.

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Aldeburgh mayor Councillor Peter Palmer emphasised the virtue of these new plans, highlighting the focus it could bring back to local areas.

He said: "I think it's a great idea if it stops banks from leaving local areas but, as always, the devil is in the detail.

"Unless you see this legislation become a reality and see all the unintended consequences, you really can't tell.

"So it is all in the detail, but if it stops banks from leaving local areas I'm all for it."

Mayor of Woodbridge Councillor Patrick Gillard worries for the current state of cash access unless decisive action is taken.

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He said: "Cash matters. Not everybody has a debit or credit card and not all of us want to use them.

"If a town or area loses places where we can take out our cash or pay it in, it makes life worse for some of us.

"Those who use cash to budget, those who are more comfortable with cash and some of our older residents who simply have always used cash: all of these suffer when another bank branch closes, as has just been announced in Woodbridge."

New mayor of Eye Councillor Richard Berry voiced his concerns surrounding Eye turning into a "cash desert" unless access points are maintained.

%image(14474727, type="article-full", alt="New mayor of Eye Councillor Richard Berry voiced his concerns surrounding Eye turning into a "cash desert".")

He said: "Eye and its hinterland could well become a 'cash desert' unless decisive action is taken.

"In the recent past, Eye has lost a Post Office and a fully operational bank branch, although we retain an ATM at McColl's which cannot be considered to be fully safe for the future.

"Whilst the population at large become increasingly digital there remains a substantial number of mainly seniors who still rely on cash transactions.

"Given the demography of Eye and the surrounding district this group forms a significant proportion of the population.

"They must be considered in the government's planning for financial services inclusion in terms of accessible and proximate service provision."

His predecesor Johnnie Walker had hailed the proposed law as "brilliant" as the market town had long had concerns over the issue.

Hadleigh mayor Councillor Gordon McLeod raised similar issues in regard to the current state of Hadleigh's banking facilities.

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He said: "Withdrawing and paying in cash can be done at ATMs and the Post Office, but some places are now losing their Post Offices.

"Withdrawing cash is a basic level of banking and Hadleigh still has that, but the level we're missing is what you can do in building societies.

"You can still complete this by using internet banking, but this is problematic as some don't have access to the internet.

"Others just prefer cash as they have built up trust by being helped by bank staff members.

"The fact that banks are leaving definitely disenfranchises a section of society and will seem very frightening to these people."