News item | 5/31/2023 | 11:14
Minister Kaag of Finance wants no tariffs to be charged to private customers of banks for the withdrawal of cash at the Geldmaat ATMs in the future. In addition, it wants to guarantee the accessibility of ATMs. The minister is working on legislation for this. In the meantime, she calls on the banking sector to maintain the current services.
In recent years, payment transactions have become increasingly digitized. But still there are many people who use cash. In addition, there are also many people who depend on cash to participate in society. An earlier study by McKinsey shows that one in thirteen Dutch people depend on cash. The current voluntary agreements with, among others, the sector are not tenable to keep cash accessible, available and affordable. That is why the minister is announcing legislation to ensure that this remains the case in the future.
Because cash is used relatively often by consumers in vulnerable positions with limited financial resources, that group in particular would be disproportionately affected if banks charge for cash withdrawals. With the forthcoming legislation, the Minister wants most Dutch current accounts to fall under the obligation. Costs may be charged for business customers, but it is determined how high these costs may be.
It is also important that the accessibility of ATMs is guaranteed now and in the future. That is why the three major banks are legally obliged to maintain the current infrastructure of ATMs. They jointly own the Geldmaat ATMs.
Social responsibility
Together with DNB, the minister urges banks to take their social responsibility and jointly ensure that access to cash services and their affordability for consumers and retailers do not decrease further until the announced legislation has become applicable.
Minister Kaag: “Access to cash is crucial. Not everyone finds their way in digital payments. Cash must remain available, accessible and affordable for them. In addition, cash is an important fallback option in the event of malfunctions in the electronic payment system.”
Together with DNB, the Minister of Finance asked consultancy firm PWC to investigate the future design of the cash infrastructure. Based on their findings, the minister has taken the above measures.