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.
What Should You Do?
If you are affected by these changes, it is important to take proactive steps:
I. Check with Your Bank: Make sure you understand your bank’s specific limits and procedures regarding cash withdrawals, especially if you regularly need larger sums.
II. Plan Ahead: If you anticipate needing more than the £500 daily or £2,000 weekly limit, consider giving your bank advance notice.
III. Consider Alternatives: Look into using safer alternatives like bank drafts, cheques, or even digital payments for larger purchases.
Iv. Attend Support Sessions: Many banks offer support to help customers transition to online or mobile banking. This could be a great opportunity to learn about new ways to manage your finances.
V. Report Scams: Be vigilant and report any suspicious activity immediately. Never feel pressured into withdrawing money on demand, and always double-check any requests.
Banking Changes for People Over 65 [Part 4]
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.
What Should You Do?
If you are affected by these changes, it is important to take proactive steps:
I. Check with Your Bank: Make sure you understand your bank’s specific limits and procedures regarding cash withdrawals, especially if you regularly need larger sums.
II. Plan Ahead: If you anticipate needing more than the £500 daily or £2,000 weekly limit, consider giving your bank advance notice.
III. Consider Alternatives: Look into using safer alternatives like bank drafts, cheques, or even digital payments for larger purchases.
Iv. Attend Support Sessions: Many banks offer support to help customers transition to online or mobile banking. This could be a great opportunity to learn about new ways to manage your finances.
V. Report Scams: Be vigilant and report any suspicious activity immediately. Never feel pressured into withdrawing money on demand, and always double-check any requests.
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