Nationwide has millions of members across the UK (Image: Getty)
Nationwide has issued a £112 alert to its millions of customers, as it shared a financial update amid the ongoing crisis. New data from the world’s largest building society shows cash usage has risen for a third consecutive year, and that 2024 showed a further 10% increase on 2023.
It noted that the busiest time of year for cash withdrawals was the week beginning December 16, the week before Christmas, where some £97.9m was taken out across the 1,260 ATMs at its 605 branches. This, Nationwide said, is the highest amount dispensed in a week since before .
Nationwide told members the average amount of cash taken out on each withdrawal from its ATMs was £112 in 2024.
The update adds: “Prior to 2022, the number of cash withdrawals at Nationwide had been steadily declining from its 2014 peak. This fall was most pronounced when the pandemic struck, when withdrawals dropped by more than 40 per cent in a year (26.4m in 2020 v 44.5m in 2019).”
Nationwide explained that ATM usage has also risen due to bank branch closures, before moving to reaffirm its commitment to keeping all current branches open until at least 2028.
Otto Benz, director of payments at Nationwide, said: “The rising continues to impact people and many are opting to budget with physical money to avoid getting into debt. Nationwide has the largest branch network in the UK, which allows us to support customers who want access to cash, whether that be from our ATMs or over the counter.
“The major banks have closed branches in towns and cities across the country taking away many of the free ATMs that people rely on, which is why the biggest rise in withdrawals comes from non-Nationwide customers. The resurgence of cash shows why we need to continue having a physical presence on the high street, enabling customers to access their money on their terms, whether digitally or in branch.”