Obligation for major banks to provide certain cash services

This obligation means that banks with more than SEK 70 billion in deposits from the general public shall supply certain cash services throughout Sweden. At present, this applies to Danske Bank, Handelsbanken, Länsförsäkringar Bank, Nordea, SEB and Swedbank.

The purpose is to ensure a certain minimum level of access to cash services for consumers and companies. Banks providing payment accounts with basic functions to consumers are obliged to provide places for cash withdrawals and deposits. Moreover, banks providing payment accounts to companies are required to provide customised services and places for depositing daily takings as well as services for daily takings.

The Swedish Post and Telecom Agency supervises the banks' compliance with their obligations. If a Swedish institute fails to fulfil its obligations, Finansinspektionen (the Swedish Financial Supervisory Authority) may intervene against the institute by deciding on an injunction and a penalty fee.