Obligation for major banks to provide certain cash services

Since January 2021, some large banks have been required to provide withdrawal services for private individuals and to receive deposits (daily takings) from organisations and companies.

This requirement means that certain large credit institutions – currently the six largest banks in Sweden – are obliged to provide certain cash services throughout Sweden. 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 also obliged to provide places for cash withdrawals. The obligation to provide cash services does not include an obligation to provide deposit services for consumers. Moreover, banks providing payment accounts to companies are required to provide places for depositing 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.

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Updated 21/10/2022