Banking Hubs Opening Far Too Slowly!

So far, only 146 “Banking Hubs” have been recommended by LINK, less than 10% of the bank branch closures they have reviewed since 1 January 2022.

Cash Access UK claim they hope to have 200 “Banking Hubs” open by the end of 2025. Since only 146 “Banking Hubs” have been recommended to date and, taking account of LINKs strike rate of under 10%, to achieve the additional 54 “Banking Hubs” will require around another 550 bank branches to close by the end of this year - that’s around 3 per day until the end of 2024.

This is 50% HIGHER than the closure rate since 2015, which averages 2 per day. And all that to get only 200 “Banking Hubs” by the end of 2025, by which stage the UK will have lost around 8000 bank branches since 2015.

The Payment Choice Alliance is 100% certain that a minimum of 1000 “Banking Hubs” are required. This number would ensure that every community with 5000 or more local residents would have either a “Banking Hub” or a conventional bank branch.

And each of those 1000 “Banking Hubs” requires an automated cash deposit facility, along with a 24/7 accessible ATM.

We will be working with HM Treasury, led by Chancellor Rachel Reeves, to ensure there are the correct number of “Banking Hubs” and that they all provide full cash deposit and withdrawal services.

The British public expect - and deserve - nothing less!

Source: cashaccess.co.uk/news-and-blog/downham-market-banking-hub-opens-in-permanent-home