As high street banks in the UK move forward with plans to close more branches, nine new shared banking hubs will open across the country.
Each Hub has Post Office counter for major banks and areas for consumers to meet with their own bank’s regional bankers. Community bankers operate in shifts at the hubs, so every day of the week a different banker is there.
The major UK banks formed Cash Access UK, a non-profit business that would fund Hub development, in December. This was in response to a political uproar over the loss of physical sites in rural areas.
There are four Hubs up and running right now. They are in Brixham, Devon; Cambuslang, South Lanarkshire; Cottingham, East Riding of Yorkshire; and Rochford, Essex (Essex).
Link is in charge of the program as part of its promise to protect people’s access to cash. It also proposed six community Deposit Services that allow consumers and companies to deposit cash without visiting a bank.
The move comes as branches closed down all over the UK. NatWest, Lloyds, Barclays, and TSB have all said in the past month that they plan to close more branches. In total, 87 more branches will close, on top of the ones that already planned.
CEO of Link, John Howells, says:
“Access to cash and face-to-face banking services continues to be important for millions of people across the UK. Not everyone can or is able to go digital yet, so we’re pleased to announce new cash services to support these communities.”
