ALMOST a third of West Fife banks have closed since 2015.

Data from Which? has shown that there has been a significant fall in the number of bank branches in recent years. Since 2015, a total of four banks have been closed in West Fife, bringing the total number of branches down from 13 to nine.

The number of free-to-use cash machines has also decreased. LINK, a cash machine network, has data that shows the number of cash points have dropped from 97 to 85 in the area since 2018.

An increase in the use of contactless payments and online banking could have contributed to this drop and has caused concerns that people will be unable to access the key services needed for them to continue to use cash.

Which? chief executive Anabel Hoult said: “While the pandemic has accelerated the move to digital payments for many consumers, many are not yet ready to make that switch and require protection from an avalanche of ATM and bank branch closures that have left the UK’s cash system at risk of collapse.”

During the Queen's Speech last month, a bill was announced with the purpose of protecting access to cash but full details on how this will be done are yet to be published.

Economic secretary to the Treasury, John Glen, said: “We know that access to cash is still vital for many people, especially those in vulnerable groups.

“We promised we would protect it, and through this bill we are delivering on that promise.”

Research conducted by the Royal Society of Arts (RSA) has estimated that 10 million people throughout the UK would struggle financially if the country was to adopt a cashless society. The elderly and those with little or no access to broadband or mobile networks have already been among those who have suffered most in the shift to digital banking.

RSA researcher Mark Hall said: “For millions of people, their relationship with cash is critical to the way they manage their weekly budget.

“It’s vital that the dash to digital doesn’t disenfranchise anyone, especially with the cost-of-living crisis putting such significant strain on family finances right now.”