Published On: Fri, May 10th, 2024
Business | 3,606 views

50th banking hub opens in UK as company committed to maintaining access to cash | Personal Finance | Finance

Cash Access UK, the organisation dedicated to ensuring cash remains accessible, has proudly announced the opening of its 50th banking hub. The latest addition to this growing network is located in Jedburgh, Scottish Borders, with ambitions to double this figure by year’s end.

These hubs are a lifeline for communities feeling the pinch from bank branch closures, offering small businesses a vital service to deposit their takings. They feature a Post Office-operated counter for everyday banking tasks and a private space for consultations on more complex banking issues.

The innovative model sees banks taking turns to staff the hubs, providing customers with access to various banks on different days.

Gareth Oakley, CEO of Cash Access UK, expressed pride in the impact these hubs have had in a relatively short time: “In a short space of time, we’re very proud of the difference the hubs are making.”

He also noted the positive effect on local communities: “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, banking director at the Post Office, celebrated this achievement: “This is a significant milestone for both Cash Access UK and all of our postmasters who operate the banking hubs.”

Bim Afolami, Economic Secretary to the Treasury, also weighed in with optimism: “I look forward to seeing more hubs opening in the coming months.”

Cash access and ATM network Link, which assesses communities based on factors such as the number of shops, transport links and deprivation levels, recommends hubs. These recommendations are then implemented by Cash Access UK, a non-profit organisation funded and owned by nine major banks.

It usually takes around 12 months to open a hub from the day it is recommended. In areas where finding an appropriate property proves challenging, Cash Access UK can establish temporary hubs, allowing more time to find a permanent location.

The 50th banking hub has been set up as a temporary hub on Exchange Street, Jedburgh.

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