I'm pleased to see a banking hub announced for Amble, following the disappointing news yesterday that TSB have taken a decision to close their Amble branch next year.
Having recently brought LINK and Cash Access UK to Parliament to discuss the banking hub coming down the road in Alnwick, and ask them your questions, I wanted to reiterate the principles of banking hubs to reassure you:
- A location on our high street as CENTRAL and accessible as possible
- WHOEVER you bank with, you'll be able to drop in 9-5 Mon-Fri for the vast majority of your banking needs, at a counter run by the Post Office (such as pay in cash and cheques, withdraw cash, check your balance, pay bills, top up gas and electricity, access change-giving services for small businesses)
- The community's FIVE most commonly used banks (including bringing back some banks already closed) will be there for more complex services and face-to-face appointments, offering a private room, one day each
The Government passed the Financial Services and Markets Act 2023 to protect access to cash, by giving the Financial Conduct Authority powers to ensure the reasonable provision of withdrawal and deposit facilities. The FCA's guidance sets out that firms must carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place reasonable alternatives.
I'll keep pushing for updates and share these with you again as soon as possible.
