New bank | 13 additional locations will get new shared banking hubs.



Another 13 locations have been earmarked for shared banking hubs in areas where the last branch has closed.

Concerns about individuals who need it having access to cash and challenges for small businesses trying to deposit takings have been sparked by a wave of branch closures.


Although ten additional locations were originally noted, none of their new hubs have yet to have their doors open.


While experts argue that hubs are insufficient, ministers have planned laws to guarantee that people may access cash locally.


It is unacceptable to leave communities without access to cash, said John Howells, chief executive of Link, the largest interbank network in the UK, on BBC Radio 4's Today program. "Cash is disappearing at a frightening rate, and so are ATMs and branches, and it is not acceptable to leave communities without access to cash," he said.

"The banks are currently making significant investments and efforts. However, the pace must now quicken "Added he.


Customers of all banks can access their accounts at these hubs, deposit cash and checks, and withdraw cash whenever they want. A representative from each of the major banks makes a weekly visit and handles the trickier inquiries.


Four of the 13 newly proposed banking center locations are in Scotland, while one is in Northern Ireland's Kilkeel for the first time.

They'll be in Brechin, Angus, Forres, Moray, Carluke, Lanarkshire, Kirkcudbright, Dumfries and Galloway, Axminster, Devon, Barton-upon-Humber, Leicester, Royal Wootton Bassett, Wiltshire, Cheadle, Stafford, Belper, Maryport, Cumbria, Hornsea, Yorkshire, and Kilkeel, among other places.

In Rochford, Essex, a prototype shared banking center was visited by the BBC. When the last branch in the community closed, several locals described it as "a lifeline."


Operating expenses are identical to those of a small branch, but they are split among the several banking entities that use it.


The project's project manager, Natalie Ceeney, who also serves as the chair of the Cash Action Group, said: "Millions of people in the UK still place a high value on cash, and as the cost-of-living issue bites, more and more people are using cash as a reliable means of budgeting. An essential component of the solution is banking hubs."

Wait to open

Link, the company in charge of managing the UK's ATM network at the moment, conducts an evaluation each time a core banking service, such as a cash machine or bank branch, is shut down.


The study looks at the community's financial needs, including the distance to the closest alternative service, as well as the demographics and vulnerabilities of the local populace. A council of banks and consumer advocates decide on the standards.


As a result of such work, the most recent sites have been located.

The opening of these additional hubs, though, may take several months. Along with choosing a good location, adjustments are frequently required to make it completely accessible and secure enough for financial services.


Except for the two testing locations in Rochford and Cambuslang, Scotland, services have not yet begun in any of the previously mentioned locations for banking centers.

The projected hubs, according to Ron Delnevo, a business expert with years of experience in the ATM sector, "don't even touch the surface" in terms of meeting the UK's banking needs.


"As we go into a cost of living crisis that's impacting individuals and businesses alike, these shared hubs are good on paper but could go further and faster," said Mark Aldred of the financial technology firm Auriga.


A spokeswoman for the Financial Conduct Authority stated: "Firms need to accelerate and deploy more banking centers. This needs to be completed right away. "When necessary, banks and building societies must offer clients alternatives to their branches and treat them equitably. One of the instruments they can utilize to make sure communities have simple access to banking services and cash is banking hubs."


In addition to the hubs, unmanned withdrawal and deposit machines will be installed in libraries and community centersutilizecenters, where they will be accessible during regular business hours and allow enterprises to cash in their earnings.


In addition to Swanley and Faversham in Kent, Holywood in County Down, Shanklin on the Isle of Wight, Atherstone in Warwickshire, Billericay and Dunmow in Essex, Bourne in Lincolnshire, Holyhead on Anglesey, Ilfracombe in Devon, Swanage in Dorset, and Wallingford in Oxfordshire, they will also be in these locations.

To ensure that consumers only need to travel a relatively short distance to access cash withdrawal and deposit services, the government has been seeking to introduce new rules.


This is important for the acceptance of cash in the future, especially by enterprises in remote areas who currently have to close their doors and travel great distances to their nearest banking facilities.


To ensure that consumers only need to travel a relatively short distance to access cash withdrawal and deposit services, the government has been seeking to introduce new rules.


This is important for the acceptance of cash in the future, especially by enterprises in remote areas who currently have to close their doors and travel great distances to their nearest banking facilities.


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