2 days Ago By Kieran Isgin
Plans are afoot to significantly boost the number of banking hubs across the UK, responding to the decline in traditional bank branches. Link, the nation's ATM network, has indicated that around 215 bank branches are slated to shut their doors by August 2015 as part of the banking industry's shift towards online services. However, this digital push does not accommodate everyone, with certain customer groups, like the elderly, still relying on in-person services.
Fortunately, the emergence of banking hubs offers a compromise. These facilities, managed through the Post Office, allow individuals to transact with various banks - from check deposits and cash withdrawals to balance enquiries and bill payments. In an ambitious initiative backed by the Treasury, some of the UK's major banks have pledged to establish up to 350 banking hubs within five years.
Of these, 230 are anticipated to be operational by the close of 2025, and 120 should be in action before the current parliamentary term ends. City minister Tulip Siddiq has lauded the move, asserting: "Banking hubs are a lifeline for local communities that have lost their final bank branch. I'm confident that the banks will deliver on the commitment made today, as well as take a more active approach to meeting the needs of local communities.
" At present, Britain boasts 76 banking hubs, with plans by LINK and Cash Access UK to ramp up the figure to 100 by the conclusion of this year. Some areas may see the establishment of temporary hubs in their local vicinity before a more permanent location is set up. Lisa McGreevy, Project Manager for Cash Access UK, stated: "The temporary hub is a provision we provide prior to the permanent hub, as the agreements for these can take some time.
"By providing a temporary hub, we can ensure that the community has access to their banking requirements in a much shorter timeframe. This will then remain open until the permanent hub opens." In total, there are currently 76 banking hubs scattered across the country.
Abergele Acton Ampthill Axminster Barnoldswick Barton-upon-Humber Batley Belper Bramhall Brechin Brixham Buckingham Bury Park Cambuslang Carluke Carnoustie Cheadle Clay Cross Cottingham Crieff Cumnock Dartmouth Dawlish Downham Market Elland Forres Girvan Great Harwood Harleston Haslemere Helston Heywood Hornsea Horwich Jedburgh Kilkeel Kilwinning Kirkby in Ashfield Kirkcudbright Knaresborough Looe Lutterworth Mablethorpe Maryport Newton Aycliffe Oakham Ossett Otley Pershore Porthcawl Prescot Prestatyn Ramsbottom Rochford Royal Wootton Bassett Saltash Shirebrook Shoreham-by-sea Sidmouth Stalybridge Stapleford Stone Syston Teignmouth Treorchy Troon Ulverston Ware Watton Welling Wellington Welshpool West Drayton Withernsea West Kirby Wath upon Dearne.
