What You Need to Know
Starting 19th September 2025, important banking changes will be introduced for customers aged 65 and over. These changes will affect how much cash people can withdraw, both daily and weekly and will include new limits and requirements for in-branch transactions. Here is a breakdown of what you need to know about the upcoming changes, the concerns they raise, and the alternatives available for pensioners who may need to make larger withdrawals.
Key Changes for People Over 65
I. Daily Cash Withdrawal Limit
People aged 65 and older will face a £500 daily withdrawal limit. This means they will no longer be able to withdraw more than this amount in cash in a single day from ATMs or at the bank.
II. Weekly Cash Withdrawal Limit
There will be a £2,000 weekly cap for cash withdrawals. Any request for cash withdrawals exceeding this amount will likely require additional checks, which may include proving the purpose of the withdrawal or providing advance notice to the bank.
III. ATM Limits
ATM machines may also have restrictions, with some limiting withdrawals to £250 per transaction for people over 65, even if their daily limit is higher.
IV. Branch Withdrawals
For any request above the £2,000 weekly limit, People may need to give advance notice (24 to 48 hours) and could be asked to show proof of the purpose for the withdrawal, such as home renovations or travel expenses.
Concerns Raised by These Changes
These new rules have raised several concerns, particularly among older adults who rely on cash for day-to-day expenses. The main issues include:
I. Heavy Cash Users: Some people still prefer paying bills in cash or withdrawing large sums for significant purchases such as home improvements, travel, or emergency needs.
II. Rural Communities: People living in rural areas with fewer banking options may find it more difficult to manage their withdrawals, especially if ATMs or branches are not easily accessible.
III. Lack of Digital Banking: Many older people do not use online banking or digital payment methods and are uncomfortable with new technology, leaving them dependent on cash.
Cash Matters - Access Freedom - Maintain Control
Comments
Mr
This is a significant affront to civil liberties and is another step towards the disastrous consequences of digital money. I am concerned that most people affected will not know of these changes until it is too late. There has been no notification from my bank that this is happening and I suspect that this is the general situation. Another restriction by stealth that seems to be at the heart of government covert activity.Mr.
People. We are sleep walking into a financial dictatorship. We now have to get permission in order to use our own money. The government are using this legislation to be able to keep track of our finances. We have to get permission to, withdraw our money -show proof of our identity and show estimates of planned work we maybe getting done. People this is not for the benefit of the elderly, it is so that they see our spending habits and see if we're paying people to do undeclared work for us. I don't hear any talk at all about people under 65. They are just as likely to be conned as the older generation. I am 78 and I am more alert to scams then a lot of younger people that I know. A while ago the government talked about getting receipts from people doing work for us. they obviously thought it over and realised that it was unworkable and have now come up with this new idea. They now also have the power to go into your bank accounts. We now need to start pestering our representatives because it is coming to us all eventually.