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.
Alternatives for Larger Withdrawals
If you're a person who requires access to larger sums of money, there are several alternatives available:
I. Advance Notice at the Branch Banks may allow larger withdrawals if you provide at least 24 to 48 hours' notice. This allows the bank to prepare the required amount of cash for you to pick up in person.
II. Bank Drafts or Cheques For larger payments, bank drafts or cheques can be a secure way to make payments without the need for cash. This method can be particularly useful for making large transactions like paying contractors or suppliers.
III. Trusted Nominee Accounts Some banks allow family members to help manage withdrawals on your behalf through nominee accounts. These arrangements are made under strict agreements and can be a way to ensure that you receive the cash you need while maintaining security.
IV. Prepaid Cards or Digital Wallets For those comfortable with technology, prepaid cards or digital wallets offer a safer alternative to carrying large sums of cash. These options allow for secure payments and can be used both online and in-store.
Banking Changes for People Over 65 [Part 3]
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.
Alternatives for Larger Withdrawals
If you're a person who requires access to larger sums of money, there are several alternatives available:
I. Advance Notice at the Branch
Banks may allow larger withdrawals if you provide at least 24 to 48 hours' notice. This allows the bank to prepare the required amount of cash for you to pick up in person.
II. Bank Drafts or Cheques
For larger payments, bank drafts or cheques can be a secure way to make payments without the need for cash. This method can be particularly useful for making large transactions like paying contractors or suppliers.
III. Trusted Nominee Accounts
Some banks allow family members to help manage withdrawals on your behalf through nominee accounts. These arrangements are made under strict agreements and can be a way to ensure that you receive the cash you need while maintaining security.
IV. Prepaid Cards or Digital Wallets
For those comfortable with technology, prepaid cards or digital wallets offer a safer alternative to carrying large sums of cash. These options allow for secure payments and can be used both online and in-store.
Cash Matters - Access Freedom - Maintain Control