Lloyds Banking Group PLC (LSE:LLOY), Barclays PLC (LSE:BARC), NatWest Group PLC (LSE:NWG) and the other high street banks have been told by the financial regulator to justify branch closures to protect those people who still rely on cash.
The Financial Conduct Authority (FCA) said it had been in consultations with the government about new powers that allow it to see why a branch is being closed and what alternative options are in place for cash users.
While only 6% of the population predominately use cash for payments rather than cards or online banking, David Geale, the FCA director of retail banking, told parliament's Treasury sub-committee that it would have the power to ensure banks give facilities to these people.
While the FCA could not stop a branch closure, it could "direct" banks to have an alternative source of cash in place, he said.
More than 5,800 bank branches have closed since 2015, according to consumer body Which?, leaving bank users in rural areas or with mobility issues with limited options.
A plan for banking hubs to be established to replace closed branches in an area has barely got off the ground with only 30 out of the planned one hundred set up.