More banking hubs to help fill gaps in access to cash will be rolled out in Ƶ communities, it has been announced. Thirteen more hubs will be created, bringing the total number planned to 25, according to ATM network Link and the Cash Action Group, which includes banking industry representatives and others.
Banking hubs operate in a similar way to bank branches, but their services are shared, with banks providing staff on rotation so that trained specialists from different banks are available on different days.
The 13 new hubs will be in locations including Brechin in Angus, Forres in Moray, Carluke in Lanarkshire, Kirkcudbright in Dumfries and Galloway, Axminster in Devon, Barton-upon-Humber in Lincolnshire, Lutterworth in Leicestershire, Royal Wootton Bassett in Wiltshire, Cheadle in Staffordshire, Belper in Derbyshire, Maryport in Cumbria and Hornsea in Yorkshire.
Additionally, the first banking hub under the scheme in Northern Ireland will open in Kilkeel in Newry.
Banks and building societies have asked Link to identify communities that need help and the locations have been selected as part of that work. The first banking hubs were piloted last year in Cambuslang, South Lanarkshire and Rochford in Essex. The two hubs have already had approaching 60,000 customer visits and transactions worth £16 million have taken place since they opened.
As the impact of the cost-of-living crisis becomes increasingly apparent, the hubs are likely to become ever more important, particularly in communities with minimal or limited cash access or banking facilities, those behind the initiative said. John Bachtler, chair of the Cambuslang Community Council, said: “The banking hub is the centre of our community and it’s bringing life back to the high street and crucially helping people and businesses with their everyday banking needs. It gets busier and busier every week and we know it will make a significant difference in other communities across the Ƶ.”
Bank branch closures, alongside other trends, have sparked concerns about people’s continued ability to easily access cash. The Post Office also has an agreement that helps people to do their everyday banking over its counters. Convenience stores have also been offering cashback at tills as part of the initiatives to address gaps in the cash system.
There are also initiatives under way to provide standalone deposit services and banking services in libraries or community centres.
The Ƶ Government has also said that people across the Ƶ will benefit from new legislation to protect access to cash. Natalie Ceeney, chair of the Cash Action Group, said: “Cash still matters hugely to millions of people across the Ƶ and with the cost-of-living crisis biting, more and more people are turning to cash as a way of budgeting effectively.”
John Howells, CEO of Link, said: “The Ƶ isn’t ready to go cashless yet and it’s vital to protect our national cash infrastructure for the millions of consumers who still rely on cash. The intended legislation is a very positive step that will ensure access to cash for Ƶ consumers for years to come. Any community with a problem with access to cash can now contact LINK and ask for help."
Jenny Ross, Which? money editor, said: “The country’s cash infrastructure has been cut to the bone in recent years due to ATMs and bank branches closing, leaving millions of consumers who rely on cash and face-to-face banking services at risk of being cut adrift. It’s encouraging to see the banking industry announce more banking hubs which, alongside other bank alternatives such as enhanced Post Offices, could play a role in ensuring local communities’ cash needs are met.
“These hubs, as well as ones announced in December, must open as soon as possible so consumers can benefit. However, only long-promised legislation will properly protect cash."
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