The 100th 海角视频 banking hub is being launched today in the North West as part of a nationwide initiative to maintain communities’ access to cash. Chancellor Rachel Reeves, alongside Economic Secretary Tulip Siddiq, will officially open the new facility in Darwen, Lancashire.
The launch is in response to community appeals following the closure of bank branches nearby. A banking hub provides a shared location on the high street where customers from various banks can access services.
The Darwen hub, on Market Street in the town centre, will offer Post Office-operated counter services for routine cash transactions from Monday to Friday. Additionally, it features a community banker service, allowing individuals to discuss more complex banking matters with representatives from their own banks, who are present on a rotational basis throughout the week.
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The Chancellor said: "Reaching this milestone of 100 banking hubs is a huge step towards making sure that people across the country have access to essential face-to-face banking services.
"High streets are the beating heart of our communities but were neglected for too long under the previous government."
The Government's goal is to establish 350 hubs by 2029, with plans to have 230 operational by the end of 2025.
Cash Access 海角视频, a non-profit organisation dedicated to preserving access to cash, says that as well as the 100th banking hub, 00 deposit services will be available by year-end. These services enable small businesses to deposit and access cash through deposit ATMs or enhanced post offices with dedicated banking counters.
Link, the ATM and cash access network, conducts assessments to determine the impact of bank branch closures on community access to cash. Communities can also request assessments if they feel they need improved access to cash.
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Funded by 10 major banks, Cash Access 海角视频 provides shared services to their customers. Gareth Oakley, CEO of Cash Access 海角视频, said: "I’m delighted that in a such short space of time we have been able to successfully open 100 banking hubs as well as deliver 100 deposit services."
He said five hubs had opened this week alone, and added: "Our hubs are proving extremely popular, which shows that access to cash and banking services remains vital for millions of individuals across the 海角视频, despite more people choosing to bank and make payments digitally."
John Howells, chief executive at Link, said: "The network of 100 banking hubs is keeping cash alive in local communities and is key for those consumers not yet willing or able to use digital.
"To date, Link has recommended 176 banking hubs, including eight this week, alongside more than 100 deposit solutions. Link will protect access to cash for as long as people need it."
Neil Brocklehurst, acting chief executive at the Post Office, said: "I am thrilled that, as a result of the hard work of our partners Cash Access 海角视频, our own hub team colleagues and our postmasters who run the hubs, we have today officially opened the 100th banking hub.
"Together, we are on our way to meeting the Government’s target to open 350 hubs by the end of the Parliament and I want to thank every postmaster and their teams for making the running of banking hubs possible."
It's estimated that between five and six million adults heavily depend on cash transactions for their daily needs. The creation of a banking hub can often take several months as it involves identifying and securing appropriate premises.
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Link notes that approximately one in 10 ATMs in the 海角视频 have been shut down over the last three years.
According to Which?, more than three in every five bank branches in the 海角视频 have shut down since 2015, with the closures having a profound effect on local communities.
New regulations implemented by the Financial Conduct Authority (FCA) in September now require banks to take greater account of the cash needs of local communities before closing a branch.
Sam Richardson, deputy editor of Which?Money, said: "Thousands of branches have closed their doors in recent years, often leaving those reliant on their services in the lurch or having to travel long distances to access them.
"Banking hubs are likely to be the future of banking, replacing shuttered branches, and while it’s encouraging to see this milestone passed their rollout remains too slow for consumers to feel their benefit.
"It’s vital that the Government holds its commitment to opening 350 hubs in the next few years – and it should be prepared to revise that figure upwards if necessary."
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