A Milestone would be 1000 “Bank Hubs” NOT 50! - Image 1

A Milestone would be 1000 “Bank Hubs” NOT 50!

Posted on: 13/05/2024

An interesting headline from the Daily Express.

The “company committed to maintaining cash access in the UK” will need to do MUCH better.

The CEO of Cash Access UK  promises 200 “hubs” by the end of 2025.

That’s barely 20% of the minimum number the UK requires - which is ONE THOUSAND.

THAT WOULD BE A MILESTONE WORTH BOASTING ABOUT!

When will that number be reached and exceeded, Cash Access UK?

Before the Northern Ice Cap melts?

And what does a “bank hub” actually provide?

The Payment Choice Alliance has asked the Financial Conduct Authority on several occasions for the specification of a bank hub.

They have failed to provide one, because they quite simply don’t have a clue.

So the Payment Choice Alliance has told them:

ATMs for cash withdrawals, including at least one per “hub” that is 24/7.

Automated cash deposit services, not simply counter deposits.

Longer opening hours; five days a week is too short if these “hubs” are genuinely going to maintain cash access.

ALL of the first 50 “hubs” will need to be upgraded to meet the above specification.

The Financial Conduct Authority is procrastinating.

That will end after the next General Election at the latest - for the sake of the current Financial Conduct Authority leadership, they shouldn’t wait for the votes to be counted before getting themselves into shape to ensure cash access is genuinely safeguarded. 

The time for window dressing has long gone!

Source: express.co.uk/finance/personalfinance/1897692/50th-banking-hub-opens-uk-company-committed-maintaining-access-cash-reaches-milestone/amp




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