By Jill Stocks
Residents of Horsforth were invited to attend a drop in session at Crustiq on Tuesday where their queries about the proposed banking hub for the town were addressed by a team from the company behind it.
Representatives from Cash Access UK were on hand to answer questions from local residents, local councillors and officials from local community organisations about the new facility which will be located in an as yet undecided location on Town Street.
Cash Access UK, the organisation behind providing the new service, is a not-for-profit organisation funded by major high street banks. They work to provide banking services and access to cash to communities affected by bank closures.
There are currently 128 banking hubs operating across the UK and in March of this year the organisation opened 11 of them in one day alone in various towns across the country.
The Financial Conduct Authority announced new rules regarding access to cash in September last year to ensure access to cash withdrawal and deposits.
Under these rules if a bank branch is due to close and it is the last bank branch in a town it cannot close until a banking hub is opened to ensure continued access to cash for banking customers within a reasonable travelling distance and ensuring communities are not left without access to cash services.
Having previously been represented by most of the major banks, the number of branches has gradually dwindled to one over the past four years.
Branches of both Barclays and Santander closed within a day of each other in August 2021 with Virgin Money (formerly Yorkshire Bank) following suit in January 2022.
Customers of these banks then had to travel to nearby towns or to the city centre to access a counter service or personal banking.
With the Horsforth branch of Halifax, the last bank branch on Town Street, set to close in February next year the new banking hub will provide essential cash services to personal and business customers in the area.
Cllr John Garvani (Lab, Horsforth) filed the initial assessment for a banking hub a couple of years ago as the need for cash access became an imminent issue for the community.
“Whilst having bank branches would be better having the banking hub is a great alternative and something I’ve pushed for for years,” he said>
Cllr Emmie Bromley (Lab, Horsforth) also attended the drop in and passed on queries and questions from those who were unable to attend the event itself.
Jordan Reece is the Regional Manager for Cash Access UK and was on hand to answer questions at the drop in at Crustiq on Town Street.
“We are a not-for-profit company but we are owned and funded by ten major banks. The way to think of it is all the banks are putting their money into a pot to provide banking services to communities where all the banks are shutting.
“Because the Halifax announced that they were closing here in Horsforth that triggered an assessment to be done for the local community which stated that Horsforth still needed access to cash and banking services which is why we are now stepping in to provide that.
“So the way it will work is that we will be open Monday to Friday nine till five and we have a counter service where no matter who you bank with you can pay money into your account, you can take money out of your account. You can pay in cheques, you can pay your utility bills.
“That counter service is run by the post office in partnership with us which is why no matter who you bank with you can go in on any day at any time.
“In addition we will also have a private interview room where there will also be a member of staff from a different bank in that room every day. Those banks that will be there haven’t been decided yet because we’re quite early on in the process.”
Jordan also mentioned the importance of the banking hub service to local business.
He said: “What’s vitally important as well is that small businesses can access change giving services.
“You’ll find across the UK there’s a lot of businesses that are now cashless and that’s not down to a desire to be cashless a lot of the time, it’s the fact that they can’t pay in their takings or get their change.
“Having us available should hopefully drive people not to have to go down that route.”
Speaking about when the hub would be opening, Jordan said a permanent space was the goal and that there was a team from Cash Access UK actively looking for a location but that some services could be available through the post office on Town Street from next month.
“What we were looking at is a temporary banking hub in a shared space. We’re not looking at that now. We’re focusing on the permanent.
“What we are doing instead is that the post office here [on Town Street] will be what we call an enhanced post office.
“We are giving them the money to create a dedicated banking counter which will be open next month which allows all of those cash transactions to be done without having to queue with people sending parcels, being able to just do banking in a local post office.
“What it won’t have is that private experience but that will be there when the hub opens up.
“It’s estimated there’s between five and six million people in the UK who still rely on cash for their day to day lives so that is why this service allows them to still access that.”
Some of the most commonly asked questions regarding the banking hub are answered below. And you can see updates on the banking hub via the website.
Banking hubs: Your questions answered
What is a banking hub?
Banking hubs are a shared banking space on the High Street, with a counter service operated by the Post Office. Customers of all major high street banks can use the facilities provided.
What services are available in a banking hub?
- Cash withdrawals
- Cash and cheque deposits
- Balance enquiries
- Manage your PIN
- Change giving service for registered businesses
- Pay utility bills
- Access to a community banker from your own bank for more complex queries
Which banks will be represented in the banking hub?
The specific banks who will be represented at the Horsforth banking hub will be confirmed nearer the time but at the moment the following banks are involved with supporting the hubs in the UK:
- AIB NI
- Bank of Ireland
- Bank of Scotland
- Barclays
- Danske bank
- Halifax
- HSBC
- Lloyds
- Natwest
- Royal Bank of Scotland
- Santander
- TSB
- Ulster bank
- Virgin Money
Is the banking hub for personal banking only?
No. The hub is open to personal and business customers. Business customers can use the counter services including deposits and withdrawals and will also have access to a change giving service.
Can you tell me more about the community bankers?
Information about which specific banks will be providing a community banker will be available nearer the time but community bankers provide a personal service in a private interview room with someone from your own bank where available to discuss more complicated banking needs.
Community bankers work in rotation with a different bank represented on each day of the week. You will be able to speak to the community banker from your bank on the day your bank is in the hub.
The banks which will be represented at the hub will be decided based on market share; the five most popular banks, those with the most customers in the area, will be chosen.
What will the opening hours be?
Banking hubs are open from 9am to 5pm Monday to Friday. They are closed at weekends.
Are banking hubs accessible?
Banking hubs are accessible wherever possible. Guide dogs are permitted. Hearing loops are installed.
Will there be wi-fi access in the hubs?
Free wi-fi will be available to ensure easy access to online banking services.
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