The hubs will offer a counter service operated by the Post Office, open Monday to Friday from 9am until 5pm, where customers of all major banks and building societies can carry out regular cash transactions. [Cash Access UK]
.
There has been considerable debate these last years about protecting community banking – with the VGS holding a public meeting to look at the possibility of a mutual bank or banking hub coming to the high street back in 2019.
One of the drivers has been the concern that in a cashless society many will lose out, especially small businesses and the elderly – and with Sidmouth and other towns in the area losing their high street banks, what are seen as basic services will be lost to the community.
In the meantime, momentum has been gathering across East Devon to create some sort of banking hub for the each town’s high streets – with the Cash Access UK group forming the basis for these efforts:
The UK’s major high street banking providers are working together to bring shared cash and banking services to your community.Cash Access UK is a not-for-profit company owned and funded by nine major high street banking providers. We provide cash and basic banking services in communities across the UK. These include shared Banking Hubs and deposit services
The hub, in Trinity Square, in Axminster, is a shared banking space offering face-to-face financial services. It comes after LINK, the UK’s cash access and cash machine network, identified the need for more cash services in the town following the closure of several bank branches.
The new hub has a counter service operated by the Post Office, where customers of all major banks and building societies can carry out regular cash transactions. Customers can also talk to their own banking provider about any “more complicated issues” they might be experiencing as part of the community banker service. The community bankers will work on rotation, with a different bank or building society including HSBC, Santander, Lloyds, Natwest and Barclays available each day of the week.
“This new banking hub will make a huge difference. It will enable local people to access a full range of banking services in their own community and will help resuscitate the high street. Rural areas have lost so many bank branches in recent years. Many towns have seen every branch close; that is what happened in Axminster.
“This new hub shows that when we apply pressure to Government and to big business, we can protect vital services like face-to-face banking, which are essential to small businesses and older residents in particular. I will continue to advocate for more action by the Government to speed up the delivery of banking hubs across our corner of Devon, so as to protect people’s access to cash close to where they live.
“In particular, I will be pressing for similar progress with a proposed banking hub in Sidmouth – which has been roundly endorsed by the local Chamber of Commerce there.”
Sidmouth’s new banking hub will be located in the former Joules shop in Market Place. Cash Access UK, the organisation behind the scheme, announced the location today (Thursday, December 21) and is now working to fit out the premises. An opening date will be announced as soon as possible, updates will be posted on the Sidmouth page of the Cash Access UK website.
The hub will offer a counter service operated by the Post Office, open Monday to Friday from 9am until 5pm, where customers of all major banks and building societies can carry out regular cash transactions. There will also be a Community Banker service for customers to meet a representative of their own bank; they will work on rotation, with a different bank available on each day of the week.
“I’m delighted to confirm that Sidmouth’s banking hub will be located in the former Joules store on New Street, right in the heart of town. Earlier this year, I launched a local campaign to send a clear message to the banks that they should staff Sidmouth’s banking hub. Since then, I’ve been working closely with the organisation charged with getting it up and running.
“It was clear from hundreds of residents and businesses in the Sid Valley who responded to my survey that face-to-face banking services are still crucial. The news of Lloyds planned closure as the last bank in town came as a bitter blow. This hub will protect access to in-person banking services, where there risked being none.
“As a Sidmouth resident, I’m looking forward to my first visit! I’d certainly like to see other banking hubs open across our part of Devon, too, so I’ll continue to explore all options for our towns.“
With both MPs standing in next year’s general election for the newly-created Honiton & Sidmouth seat, we will be seeing more such narratives emerging…
