A company dedicated to protecting access to cash services has launched its 50th banking hub amid the ongoing wave of bank branch closures.
The latest hub from Cash Access UK has opened in Jedburgh, Scottish Border with the organisation aiming for 100 by the end of 2024.
These hubs have been cited as potential solutions to addressing the banking issues communities have faced as high street banks close branches.
Furthermore, banking hubs make it easier for small business owners in these areas to bank cash.
Hubs have a counter service operated by the Post Office, allowing customers to conduct routine banking transactions.
Every banking hub has a private area where customers can consult with staff representing their respective banks for difficult and sensitive financial matters.
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The 50th banking hub has opened in the UK
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Banks and building societies in each hub operate on a rotational basis, making sure there is someone representing each financial institution on different days.
Gareth Oakley, the CEO of Cash Access UK, outlined why the initiative has been crucial in revitalising local communities.
He explained: “In a short space of time, we’re very proud of the difference the hubs are making.
“If you visit the more established hubs, you will also see how they are bringing energy and life back to these communities too.”
Ross Borkett, the banking director at the Post Office, shared how banking hubs are helpful to the postal service.
Borklett said: “This is a significant milestone for both Cash Access UK and all of our postmasters who operate the banking hubs.”
Bim Afolami, the Economic Secretary to the Treasury, added: “I look forward to seeing more hubs opening in the coming months.”
Among the high street banks to close branches this year include NatWest, Barclays and Royal Bank of Scotland.
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Bank branch closures are continuing at an 'alarming rate', according to Which?GETTY Link, the cash access and ATM network, reviews communities based on multiple criteria, including the number of shops and deprivation in the ara.
Recommendations are then delivered by Cash Access UK, which is owned and funded by nine major banks.
Once a banking hub is recommended in an area, it usually takes around 12 months for it to open.
In areas where it difficult to find a suitable property, Cash Access UK can open temporary banking hubs.
