Several major UK banks are introducing updated cash withdrawal guidance from 23 February 2026, affecting some customers aged 67 and over. The changes are not a ban on accessing personal funds. Instead, banks say the move strengthens fraud prevention safeguards, particularly as financial scams targeting older customers continue to rise. Here is what is changing, why it is happening, and how it may affect pensioners across England, Scotland, Wales and Northern Ireland.

What Is Actually Changing?

Banks are not freezing accounts or blocking access to money.

Instead, some institutions are introducing:

• Lower default daily ATM withdrawal limits for higher-risk accounts
• Additional verification for unusually large counter withdrawals
• Earlier fraud alerts for high-value cash transactions
• Extra identity checks where transactions appear out of character

Withdrawal caps already exist for most accounts. The new approach may tighten monitoring thresholds for certain customers.

Which Banks Are Affected?

Policies vary between institutions, including:

• HSBC
• Barclays
• Lloyds Bank
• NatWest

Each bank sets its own ATM limits and fraud protection systems. Customers should check directly with their bank for precise figures.

Does This Apply to Everyone Over 67?

No.

There is no blanket restriction based solely on age.

Banks assess a range of factors, including:

• Unusual transaction patterns
• Large one-off withdrawals
• Vulnerability indicators
• Fraud risk triggers

Age may be one factor in safeguarding assessments, but it is not the only criterion.

Why Banks Are Introducing These Measures

Financial fraud against older customers has increased significantly in recent years.

Common scams include:

• Impersonation fraud
• Fake bank calls
• Romance scams
• Investment fraud
• “Safe account” transfer scams

Banks report that rapid, high-value withdrawals are often linked to scam situations. By slowing down large withdrawals, staff may be able to intervene before money is lost.

The Financial Conduct Authority encourages firms to strengthen protections for potentially vulnerable customers.

What Are Typical ATM Limits?

Most UK banks already operate daily ATM limits, typically between:

• £250 and £500 per day

Under updated guidance, some customers may see:

• Lower default caps
• Temporary holds on large withdrawals
• Requests to confirm the purpose of a transaction

These limits vary by account type.

Can You Increase Your Withdrawal Limit?

In many cases, yes.

If you require a higher limit:

• Contact your bank in advance
• Request a temporary or permanent increase
• Provide identification if needed
• Explain the purpose of the withdrawal

Banks frequently approve higher limits once legitimacy is confirmed.

What About Branch Withdrawals?

Customers withdrawing larger sums at branch counters may be asked:

• Additional security questions
• To confirm they are not under pressure
• To provide advance notice for very large amounts

These checks are part of safeguarding procedures.

Will Online Banking Be Affected?

Online banking access remains unchanged.

However:

• Large transfers may trigger text verification
• Fraud teams may call to confirm unusual activity
• Extra authentication steps may appear

These checks aim to prevent scam losses.

Is This a Legal Requirement?

There is no national law mandating withdrawal caps for over-67s.

Banks operate under regulatory guidance from the Financial Conduct Authority, which requires firms to protect customers from foreseeable harm.

Each institution implements its own internal policy within that framework.

Are Accounts Being Frozen?

No.

This is not an account freeze policy.

Funds remain accessible.

The updates relate only to withdrawal processes and fraud monitoring thresholds.

What Should Over-67s Do Now?

If you are aged 67 or over:

• Check your current ATM withdrawal limit
• Review your bank’s fraud protection policy
• Ensure your contact details are up to date
• Notify your bank before making large withdrawals

If you feel limits are inappropriate, request a review.

Could This Cause Inconvenience?

Some customers who rely heavily on large cash withdrawals may experience minor delays.

To minimise disruption:

• Plan ahead for high-value withdrawals
• Consider splitting withdrawals over several days
• Use secure bank transfers where appropriate

Most routine spending withdrawals are unlikely to be affected.

Protecting Yourself from Scams

Banks recommend:

• Never sharing one-time passcodes
• Hanging up on suspicious callers
• Never transferring money to “safe accounts”
• Verifying investment offers independently
• Contacting your bank using official numbers only

Fraud prevention remains a shared responsibility.

Why 23 February?

Banks typically introduce system updates on scheduled operational dates.

From 23 February 2026, new internal fraud monitoring thresholds will activate.

Customers may notice:

• More frequent security prompts
• Additional questions at branches
• Temporary transaction reviews

These measures are intended as protection, not restriction.

FAQs

Are over-67s banned from withdrawing cash?

No. Funds remain accessible. Some withdrawals may involve extra checks.

What is the new daily ATM limit?

Limits vary by bank, typically between £250 and £500.

Can I increase my withdrawal limit?

Yes, by contacting your bank and requesting a change.

Is this a government rule?

No. Banks are applying safeguards under FCA guidance.

Are accounts being frozen?

No. Only withdrawal monitoring procedures are changing.

Will online banking stop?

No. Online banking access continues as normal.

Why are banks doing this?

To reduce financial fraud targeting older customers.