LINK, the UK’s Cash Access and ATM network, has today announced that local residents and businesses in Moreton will soon find it easier to access banking services thanks to the addition of a new banking hub in the town.
Following a campaign by the town's three local Conservative councillors, Vida Wilson, Colin Baldwin and Gary Bennett, LINK has confirmed it will benefit from a new banking hub as part of a wider commitment to protect access to cash.
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.
Councillor Vida Wilson said:
This is fantastic news for Moreton and is a massive vote of confidence in our town. Ever since I was elected in 2022, the lack of day-to-day banking services has been an issue. It has been raised time and time again by residents and local shops and businesses.
We know that not everyone can use, or wants to use, an app on their phone, and there are also some more complex issues that are best sorted face to face.
I would like to thank the team at LINK for working with Councillors Colin Baldwin, Gary Bennett and myself, since we first contacted them. We look forward to helping find suitable premises in Moreton for the new banking hub.
The banking hub will now be delivered by Cash Access UK. Over the next few weeks, they will start to work with Vida, Colin and Gary, and the wider community, to identify potential sites. The hub will likely open at the end of next year.
Chris Ashton, Head of Banking, LINK, added:
We’re very pleased to recommend a banking hub for Moreton. We know how important access to cash and face-to-face banking services are to communities. The hub will make a real difference when it opens next year.
Moreton is one of nine locations to be recommended a banking hub today by LINK. There are currently seven banking hubs up and running across the UK.
Martin Lewis, founder of MoneySavingExpert.com explains why he's backing banking hubs:
It's been years since I went into a bank branch, like many people, and I rarely even get cash out of an ATM.
Yet the more of us who go fully digital, the more important it is that we are mindful to protect access to cash and bank branches for those who need them. This tends to be more common amongst the digitally disenfranchised, the elderly, and the vulnerable.
But of course banks are commercial entities – so persuading them to keep branches open, when not enough use them to make them profitable, is going to be tough to do.
That's why I support the banking hub concept, and was delighted to be asked to open London's first in Acton. It actually means customers in areas with banking hubs will have access to more banks – with 20 signed up – than they likely used to before the banks started to close their individual branches down.
Q&A: banking hubs
Why Moreton?
Moreton is one of nine locations identified for a banking hub today by LINK. We asked for their help after the closure of every bank and building society branch in Moreton. With more than 140 local shops and businesses, we believe our community needs banking services. Judging by the response from residents and businesses since we started this campaign, many people agree.
What is a banking hub?
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.
Which banks will be taking part?
10 banks are taking part in the national banking hubs scheme: Bank of Ireland UK, Barclays, Danske Bank, HSBC, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB and Virgin Money. Those that wish to take part in the new Hub in Moreton will each be given a dedicated 'day' when they will be there to help their customers as well as day to day transactions for all banks taking part in the hub.
What next?
The banking hub will now be delivered by Cash Access UK. Over the next few weeks, they will begin to engage with Colin, Gary and Vida to start looking for potential sites. The hub will likely open at the end of next year.
