Nigel Farage has warned banks are trying to “force a cashless society” on Britons.
It comes as banking giant NatWest prepares to impose a policy that could see restrictions on the amount of cash customers can withdraw and deposit from next month. In a leaflet to current account holders, it said the new policy is “giving us the right to set limits on inbound and outbound payments”.
The bank also said it could impose “daily and annual” cash withdrawal and deposit limits, reports The Telegraph. Farage fears….
The change comes amid a “de-banking row” between the former UKIP leader and the banking chain. The politician had his account with executive bank Coutts – owned by NatWest – closed because of his political views.
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In a video on Twitter, Farage said: “The cashless society is rapidly happening in Australia and all of the banks have agreed across the board to limit cash withdrawals to the equivalent of £250. So even if you go into your branch, that is the maximum.
“Australia wants to phase out cash, but it’s happening here too. NatWest, a leaflet just came through everyone’s doors, tomorrow begins today.
“The cashless society is coming, big banks want it.”
Farage added that “cash is legal tender” and called upon politicians to support cash payments. He also highlighted fears digital payments could be used to impose “carbon limits” on purchases.
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Farage added: “We need the Government to make it clear that cash is legal tender. We must not allow cash to disappear.”
NatWest first announced its changes in a leaflet sent to customers in June. It stated: “We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”
Meanwhile most banks impose daily caps on how much cash you can withdraw from ATMs or how much can be taken out at once. This is designed to protect customers from fraud.
NatWest allows current account holders to withdraw £750 out from a cash machine, or up to £20,000 out of a branch without notifying the bank in advance.
Cash is disproportionately used by vulnerable people, including the elderly and those on low incomes. However a poll of voters in former Red Wall areas recently found it was “hard” or “very hard” to pay with physical money.
Last week Prime Minister Rishi Sunak said people “still need access to their cash”. He said news laws passed just this year meant bankers were gauranteed “reasonable access” for withdrawal and deposit facilities.
The Financial Conduct Authority was put in charge of implementing the new rules.
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