The hubs are spaces shared by several banks, where personal and business customers can access basic banking services and cash
Fifteen new banking hubs have been unveiled as part of the latest measures to ensure cash access in local communities.
These hubs are shared spaces used by multiple banks, offering basic banking services and cash access to both personal and business customers. A counter service is provided by the Post Office, while staff from major high street banks rotate to offer support on more complex issues in a private setting.
Small businesses can utilise deposit services to access and pay in banknotes and coins. Once cash access and ATM network Link recommends a new banking hub or deposit service, it’s typically delivered by a bank-owned company named Cash Access UK.
So far, Cash Access UK has launched 81 banking hubs nationwide. The plans for these hubs were revealed as new rules for cash access, overseen by the Financial Conduct Authority (FCA), come into effect.
Under these regulations, banks and building societies must evaluate whether changes to local services, such as closing branches or ATMs, leave communities without sufficient means to withdraw or deposit cash.
Furthermore, residents, businesses, local representatives, and charities who believe there is a gap in cash access can request a review. Link will be conducting community assessments in line with these new rules. The organisation has announced it will recommend banking hubs in towns with just one remaining bank or building society branch, which may not fully serve local businesses and consumers.
Adrian Roberts, deputy chief executive of Link, commented: “Today is an important moment for the millions of people across the country who either rely on or prefer to use cash on a regular basis. The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come.”
Link has reassessed 182 previously announced bank closures, where the branch has not yet closed its doors, under the new rules in force from Wednesday. It said that, as a result, the following communities will have a banking hub delivered:
– Sidcup, London
– Normanton, West Yorkshire
– Hailsham, East Sussex
– Frome, Somerset
– Sheerness, Kent
– Whitley Bay, Tyne and Wear
– Rugeley, Staffordshire
– Newquay, Cornwall
– Market Harborough, Leicestershire
– Thetford, Norfolk
– Monmouth, Monmouthshire, Wales
– Morecambe, Lancashire
As a result of community requests received and assessed under the new rules, the following communities will have a banking hub delivered:
– Harpenden, Hertfordshire
– Huntly, Aberdeenshire, Scotland
– Yeadon, West Yorkshire
