Major UK bank NatWest has established ‘sweeping new powers’ allowing it to limit cash withdrawals and deposits on both a daily and annual basis, raising concerns that it is ‘forcing customers towards a cashless society.’
The Telegraph reports NatWest has issued a leaflet advising current account holders that it is introducing new conditions from September ‘giving us the right to set limits on inbound and outbound payments’, which could include undefined limits on cash-based transactions.
In a statement reminiscent of the recent scandal in Australia where Westpac Bank blocked a professional poker player’s account after he paid in cash winnings, NatWest say the new rules are to ‘protect our customers from the risk of fraud’ and that they are ‘nothing to do with limiting customers’ access to cash.’
Anne-Marie Morris, a Member of Parliament who sits on the Commons Treasury Committee, points out that tackling financial crime should not come at the expense of personal freedoms.
