A town in Rotherham left without a bank branch has seen services return with the opening of a new Banking Hub which could also boost the vitality of the area.
Ealier this year LINK, the UK’s Cash Access and ATM network, announced the addition of a new hub in Dinnington. The announcement followed a request from former MP, Alexander Stafford.
A planning application was submitted in September by Cash Access UK Limited for new signage at 31-33 Laughton Road, a former pharmacy.
The hubs are dedicated places where communities can access everyday personal and business banking services, such as withdrawing and depositing cash easily, or paying in cheques, over the counter. Owned by Cash Access UK, funded by the banks, and run by the Post Office, they’re a way of bringing back banking to the people and areas that need it.
Each Banking Hub has a counter operated by the Post Office where customers can access services such as paying in cash and cheques, withdrawing cash and paying bills.
Representatives, called community bankers, from the major banks are available on different days. For Dinnington, Mondays are for NatWest, Tuesdays for Halifax, Wednesdays – Santander, Thursdays – HSBC, and Fridays – Barclays. Customers of all major banks and building societies can access cash services from the Post Office counter service, whenever the hub is open.
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Gareth Oakley, CEO, Cash Access UK: “Thanks to the exceptional industry collaboration from the banks who support us, I’m delighted that in a such short space of time we have been able to successfully open 100 banking hubs.
“Our hubs are proving extremely popular which shows that access to cash and banking services remains vital for millions of individuals across the UK, despite more people choosing to bank and make payments digitally. We’re delighted to have reached this latest milestone and will continue our work to bring more of these services to the communities that need them most.”
Tulip Siddiq, Economic Secretary to the Treasury, added: “We are delighted to see the continued growth of banking hubs, which are playing an essential role in meeting the needs of communities where traditional banking options have declined.
“These hubs are not only vital for residents and businesses, but they also play a key role in revitalising our high streets, bringing footfall back to town centres, and repurposing unused buildings for community benefit.
“The success of these hubs proves that shared banking services can provide a solution that benefits everyone, from residents to local businesses.”
Cash Access UK has undertaken new research to understand how the opening of the banking hubs have improved local high streets. Focussing on Brixham (Devon) and Rochford (Essex), two of the earliest hubs to open, the feedback is overwhelmingly positive with three in ten people saying they visit and spend more on the local high street because of the hub. Almost half (47%) of businesses surveyed said they have experienced an increase in footfall thanks to the banking hub. This is despite the fact that, UK wide, weekday footfall has fallen 18% compared with pre-Covid levels.
In Wath, also in Rotherham, a new temporary Banking Hub officially opened its doors in Montgomery Hall in September. It is expected that a permanent site will be found in the £9m library redevelopment.
Images: Cash Access
