Nationwide has issued a warning to millions of its customers.
According to the world's largest building society, a staggering sum of cash was withdrawn from accounts. Figures show cash usage appears to be rising for a third consecutive year.
Nationwide said more people are using its 1,260 ATMs, with the busiest week for withdrawals December 16-23, the run-up to Christmas.
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Across this period some £97.9m was taken out of Nationwide cash machines. Nationwide said this is the highest amount dispensed in a week since before COVID-19.
Nationwide told members the average amount of cash taken out on each withdrawal from its ATMs was £112 in 2024.
The update adds: "Prior to 2022, the number of cash withdrawals at Nationwide had been steadily declining from its 2014 peak.
"This fall was most pronounced when the pandemic struck, when withdrawals dropped by more than 40 per cent in a year (26.4m in 2020 v 44.5m in 2019)."
Nationwide also said an increase in ATM usage could partly be attributed to some bank branches closing, as it moved to reaffirm its commitment to keeping all its current branches open until at least 2028.
Otto Benz, director of payments at Nationwide, said: “The rising cost of living continues to impact people and many are opting to budget with physical money to avoid getting into debt.
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"Nationwide has the largest branch network in the UK, which allows us to support customers who want access to cash, whether that be from our ATMs or over the counter.
"The major banks have closed branches in towns and cities across the country taking away many of the free ATMs that people rely on, which is why the biggest rise in withdrawals comes from non-Nationwide customers.
"The resurgence of cash shows why we need to continue having a physical presence on the high street, enabling customers to access their money on their terms, whether digitally or in branch.”
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