Andrew held a Teams meeting with bank hub approver LINK on Thursday to discuss access to banking in Westbury and Warminster. LINK has just approved a banking hub in Westbury which otherwise has no bank. In Warminster LINK has approved a post office based cash deposit solution as the remaining bank in the town does not take cash disadvantaging small businesses particularly.
The next step following LINK's recent approval is Cash Access UK which will determine suitable town centre premises. Andrew plans to meet them to discuss.
Andrew was told that bank hubs are dedicated premises with counter services run by a post office employee. They have a private room in which face to face business can be conducted by the major high street banks on a regular rotational basis each day of the working week. They can take and dispense cash and allow for bills to be paid.
In Westbury high street Andrew was told that the hub will be standalone with its own dedicated premises and not linked to plans being progressed separately by the post office.
Andrew said;
"This is positive news and I'll now get on to Cash Access UK to ensure we get it operational quickly. Access to finance is obviously important and, as we move increasingly online and cashless, we have to ensure actual money remains available to ensure financial inclusivity.
"I was pleased to hear that there may be scope in the future to expand the cash deposit scheme in Warminster to give a full banking hub option and that the Financial Conduct Authority is looking at new criteria that would allow that. The risk of course is that remaining banks in small towns would then cease operating which would be counterproductive."