Boost for Borders town as firm opens its 50th banking hub and aims to reach 100

THE 50th banking hub has opened, according to Cash Access UK, an organisation set up to help protect access to cash.

The latest hub opened in the Borders, and Cash Access UK said it aims to reach 100 hubs by the end of the year.

The 50th banking hub has been established as a temporary hub in Exchange Street, Jedburgh.

The hubs help to plug gaps for communities as bank branches close and make it easier for small businesses to bank cash.

They have a counter service operated by the Post Office, allowing customers to conduct routine banking transactions.

Each hub has a private area where customers can consult staff representing their respective banks for more complex matters.

Banks participating in each hub operate on a rotational basis, ensuring the presence of staff from different banks on varying days.

Gareth Oakley, chief executive of Cash Access UK: “In a short space of time, we’re very proud of the difference the hubs are making.

“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 Post Office, said: “This is a significant milestone for Cash Access UK and all of our postmasters who operate the banking hubs.”

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

Hubs are recommended by cash access and ATM network Link, which reviews communities based on criteria including the number of shops, transport links and deprivation.

Recommendations are then delivered by Cash Access UK, a not-for-profit organisation that is owned and funded by nine major banks. From the day a Hub is recommended, it typically takes about 12 months to open.

In locations where it proves difficult to find a suitable property, Cash Access UK can open temporary hubs, giving more time to secure a permanent home for the hub.