Nigel Farage warns banks making an attempt to ‘drive cashless society’ upon Britons

Nigel Farage has warned banks try to “force a cashless society” on Britons.

It comes as banking big NatWest prepares to impose a coverage that might see restrictions on the amount of money prospects can withdraw and deposit from subsequent month. In a leaflet to present account holders, it stated the brand new coverage is “giving us the right to set limits on inbound and outbound payments”.

The financial institution additionally stated it may impose “daily and annual” money withdrawal and deposit limits, reports The Telegraph. Farage fears….

The change comes amid a “de-banking row” between the previous UKIP chief and the banking chain. The politician had his account with government financial institution Coutts – owned by NatWest – closed due to his political beliefs.

In a video on Twitter, Farage stated: “The cashless society is rapidly happening in Australia and all of the banks have agreed across the board to limit cash withdrawals to the equivalent of £250. So even if you go into your branch, that is the maximum.

“Australia desires to part out money, however it’s occurring right here too. NatWest, a leaflet simply got here by way of everybody’s doorways, tomorrow begins as we speak.

“The cashless society is coming, big banks want it.”

Farage added that “cash is legal tender” and referred to as upon politicians to help money funds. He additionally highlighted fears digital funds might be used to impose “carbon limits” on purchases.

Farage added: “We need the Government to make it clear that cash is legal tender. We must not allow cash to disappear.”

NatWest first introduced its modifications in a leaflet despatched to prospects in June. It acknowledged: “We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”

Meanwhile most banks impose daily caps on how much cash you can withdraw from ATMs or how much can be taken out at once. This is designed to protect customers from fraud.

NatWest allows current account holders to withdraw £750 out from a cash machine, or up to £20,000 out of a branch without notifying the bank in advance.

Cash is disproportionately used by vulnerable people, including the elderly and those on low incomes. However a poll of voters in former Red Wall areas recently found it was “exhausting” or “very exhausting” to pay with physical money.

Last week Prime Minister Rishi Sunak said people “nonetheless want entry to their money”. He stated news legal guidelines handed simply this 12 months meant bankers have been gauranteed “reasonable access” for withdrawal and deposit services.

The Financial Conduct Authority was put accountable for implementing the brand new guidelines.