Nationwide has issued a message to customers who withdraw cash – as new research shows pounds and pence remain king. Cash usage is thriving as withdrawals ratcheted up for the third year in a row since the pandemic, data from Nationwide shows.
Britain’s biggest building society recorded around 32.8 million cash withdrawals from the 1260 ATMs at its 605 branches last year – a 10 per cent increase on 2023. The average amount of cash taken out on each withdrawal from Nationwide ATMs was £112 last year.
The busiest time of the year for cash withdrawals was the week before Christmas where £97.9m was withdrawn. ATM usage has also risen due to bank branch closures, which has seen vital free services being removed from high streets up and down the country.
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This has led to a 16 per cent increase in withdrawals from non-Nationwide customers and a four per cent increase from Nationwide customers looking to access cash, as unlike the major banks, it hasn’t closed significant numbers of branches in recent years.
Nationwide has reaffirmed its commitment to communities by continuing to offer face-to-face service, with its Branch Promise meaning everywhere it has a branch; it will remain until at least 2028.
Otto Benz, Director of Payments at Nationwide Building Society, said: “The rising cost of living continues to impact people and many are opting to budget with physical money to avoid getting into debt. Nationwide has the largest branch network in the UK, which allows us to support customers who want access to cash, whether that be from our ATMs or over the counter.
“The major banks have closed branches in towns and cities across the country taking away many of the free ATMs that people rely on, which is why the biggest rise in withdrawals comes from non-Nationwide customers. The resurgence of cash shows why we need to continue having a physical presence on the high street, enabling customers to access their money on their terms, whether digitally or in branch.”