The Post Office is to cut a third of its cash machines in the next 18 months with 600 ATMs to be shut by March 2022.

The move has raised concerns that rural and deprived communities face being cut off from access to cash. ATMs set for closure are little-used and have other free cash facilities close by, the Post Office said. It added that in areas where it is closing cash machines, customers can still withdraw cash over the counter free of charge. Martin Kearsley, banking director at the Post Office, said the business was keeping 60 non-commercially viable ATMs "to serve the community's needs". Currently the Post Office does not run any of the cash machines at its branches; they are operated by Bank of Ireland, which is pulling out of the business. That has prompted the review, which will mean closing 600 ATMs, while the Post Office has said it will spend £16m to maintain and upgrade other machines.

Source: BBC Business