Banking hub to open in town left with no high street branches
A SEASIDE town is getting a new banking hub from Link, the UK’s cash access and ATM network, following the announcement of the closure of the town’s last remaining high street bank branches.
Link, which is supported by all the main UK banks and aims to provide communities with continued access to cash when branches close, said its Porthcawl hub is one of eight across UK in its latest rollout.
It currently has four hubs at Brixham in Devon, Cambuslang in Lanarkshire, Cottingham in East Riding of Yorkshire and Rochford in Essex.
The new banking hub in Porthcawl will be delivered by Cash Access UK.
Over the next few weeks, it will begin to engage with the community and identify potential sites. The hub is expected to open early next year.
It follows recent decisions to set up hubs in Welshpool and Prestatyn.
Link is also taking forward a community request for a banking hub in Abergele, which is expected to become operational early next year.
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone.
They consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
In addition, there are 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 work on a rotating basis with staff from different banks available on different days. In 2021, the banking industry agreed that following the closure of any bank branch,
Link will identify whether a community requires further cash services.
Additionally, any community without a branch can contact Link directly and ask to be assessed for support.
Chris Ashton, head of banking services at Link, said: “We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments.
“Many consumers and small businesses still rely on face-to-face banking and cash.
“That’s why we’re pleased to confirm Porthcawl has been selected for a banking hub.”