From 13 February, several UK banks are introducing updated withdrawal rules affecting customers aged 67 and over. The move has sparked plenty of questions among pensioners and families alike. Are daily ATM limits being reduced? Will this affect how you access your State Pension? And can you still withdraw larger sums if needed?
While the headline may sound alarming, the reality is more about fraud prevention than restriction. The new measures are designed to protect older customers from scams, not to block access to their own money.
Here is a clear, detailed and practical guide explaining what the new withdrawal limits mean and what over‑67s should do next.
Why Banks Are Introducing New Limits
Banks across the UK have reported a continued rise in fraud targeting older customers. Criminals often use impersonation calls, fake bank alerts or doorstep scams to pressure victims into withdrawing large sums of cash quickly.
Because scammers frequently target pensioners, financial institutions are strengthening safeguards. The updated withdrawal limits aim to reduce the risk of large, rushed cash withdrawals linked to fraud.
According to guidance aligned with the Financial Conduct Authority, banks are expected to take reasonable steps to protect vulnerable customers from financial abuse.
The new rules fall within that protective approach.
What Is Changing From 13 February
From 13 February, certain banks are adjusting default daily ATM withdrawal limits for customers aged 67 and over.
In practical terms, this may include:
Lower default daily ATM caps
Additional checks for high over‑the‑counter withdrawals
Extra verification for unusually large cash requests
Importantly, the change does not prevent you from accessing your money. It simply alters default limits and introduces extra safeguards for higher amounts.
Does This Affect Your State Pension
No.
Your State Pension will continue to be paid into your bank account as normal.
The new limits relate only to how much cash you can withdraw in one day without additional checks.
Direct debits, standing orders and card payments remain unaffected.
How ATM Limits Typically Work
Most banks already apply daily ATM withdrawal limits, often ranging between £250 and £500.
Under the updated framework for over‑67s, some banks may reduce the default daily limit unless the customer requests otherwise.
For example:
A previous £500 daily limit may now default to £300.
Higher withdrawals may require a branch visit or identity confirmation.
The exact figure depends on your bank’s internal policy.
Are All Banks Applying the Same Rule
No.
Each bank sets its own daily withdrawal limits. There is no single nationwide cap applied across all institutions.
If you bank with a major high street provider, it is worth checking their official website or contacting customer services directly to confirm whether your account is affected.
Can You Increase Your Limit
In most cases, yes.
If you regularly withdraw larger amounts — perhaps to manage household expenses or support family — you can request a higher daily limit.
You may need to:
Confirm your identity
Explain the reason for the increase
Set either a temporary or permanent adjustment
Many banks allow limit changes through mobile banking apps, while others may require a phone call or branch visit.
What Happens in Branches
If you attempt to withdraw a large amount in cash at a branch, staff may ask additional questions.
This could include:
What the money is for
Whether someone requested the withdrawal
If you feel pressured
While this may feel intrusive, banks say these checks are designed to prevent financial exploitation.
Why Over‑67s Are Specifically Affected
Fraud data shows that older adults are more likely to be targeted by scammers requesting urgent cash withdrawals.
Banks argue that adjusting default limits for over‑67s reduces the risk of large financial losses.
However, the policy does not assume vulnerability — it simply introduces additional safeguards.
Customers remain free to adjust limits if they wish.
Digital Banking Is Unaffected
The updated limits generally apply to cash withdrawals.
They do not affect:
Debit card purchases
Online transfers
Contactless payments
Standing orders
If you mainly use card payments or online banking, you may not notice any change at all.
What About Joint Accounts
If you hold a joint account, policies may apply individually rather than to the account as a whole.
If one account holder is over 67 and the other is younger, the bank may assess limits differently.
Clarifying directly with your bank is the safest approach.
Are These Rules Permanent
Banks review security policies regularly.
The 13 February update is part of a broader fraud‑prevention strategy rather than a temporary measure.
However, limits can be adjusted individually based on customer request and account history.
How to Check Your Current Limit
You can usually check your ATM withdrawal limit by:
Logging into your mobile banking app
Viewing your card settings
Calling customer services
Asking at your local branch
It is worth confirming your limit before you need to withdraw a large amount unexpectedly.
Planning Ahead
If you know you will need a larger sum — for example, for home improvements, travel or a major purchase — consider:
Contacting your bank in advance
Arranging a branch appointment
Requesting a temporary limit increase
Planning avoids frustration at the cash machine.
Protecting Yourself From Scams
The updated rules coincide with renewed scam warnings.
Remember:
Banks will never ask you to withdraw cash to “protect” your account.
Police will never ask you to transfer money for safekeeping.
Do not act on urgent phone requests without verifying independently.
If you feel pressured to withdraw cash, speak to bank staff confidentially.
What Has Not Changed
It is important to clarify what the new rule does not do:
It does not freeze accounts.
It does not reduce pension payments.
It does not prevent access to funds.
It does not apply to all customers equally.
The change is primarily about default settings and enhanced monitoring.
Public Reaction
Some pensioner groups have expressed concern about age‑based policies, arguing that customers should be able to opt in rather than opt out.
Banks maintain that flexibility remains available and that customers can request higher limits at any time.
Balancing independence and protection remains a sensitive issue.
Key Points to Remember
The change takes effect from 13 February.
It affects default ATM withdrawal limits for some over‑67s.
State Pension payments are unaffected.
Limits can usually be increased on request.
The goal is fraud prevention.
Final Thoughts
The confirmation of new withdrawal limits for over‑67s may sound restrictive at first glance, but the intention is protective rather than punitive.
For most pensioners, everyday banking will continue unchanged. Card payments, direct debits and online transfers remain unaffected.
If you rely heavily on cash, checking your current ATM limit and requesting adjustments if necessary will ensure smooth access to your funds.
Ultimately, the new rules reflect the growing effort by banks to combat financial fraud targeting older customers.
Staying informed, planning ahead and communicating directly with your bank will help you remain in full control of your finances while benefiting from added safeguards.