A banking hub is a shared service that operates in a similar way to a standard branch, with a counter service operated by Post Office staff, where customers of almost any bank can withdraw and deposit cash, make bill payments and regular transactions. There are also private areas where customers can speak to someone, with trained specialists from different banks available on different days. The extra 13 hubs announced on Tuesday take the total number planned to 25. However, of the first wave of 12 hubs, only two are in operation: at Rochford in Essex and Cambuslang on the edge of Glasgow. The other 10 already announced are expected to open in the coming months. It is understood that in some cases it took longer than expected to find a suitable property for the shared branch or to prepare the selected building. The hubs aim to “deliver vital cash and banking services where they are needed most”, said the Cash Action Group, which includes representatives of the banking industry and others, and the ATM Link network. The initiative comes after continued closures of shops and ATMs and concerns in some quarters that millions of people could be left behind as the shift to a cashless society accelerates. Many of the big banks have cut their branch networks, arguing that customers are rejecting traditional over-the-counter services in favor of online and mobile banking. UK banks and construction companies have closed or announced the closure of around 430 stores this year. The recently announced hubs are planned for Brechin in Angus, Forres in Moray, Carluke in Lanarkshire, Kirkcudbright in Dumfries and Galloway, Axminster in Devon, Barton-upon-Humber in Lincolnshire, Lutterworth in Leicestershire, Royal Wootton Bassett in Wiltshire, Chead, Belper in Derbyshire, Maryport in Cumbria and Hornsea in East Yorkshire. In addition, the first banking hub under the scheme in Northern Ireland will open in Kilkeel in Newry. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The Cash Action Group includes senior representatives from major banks including Barclays, HSBC, Lloyds and NatWest. The taskforce and Link said the Rochford and Cambuslang interchanges “have proved extremely popular, with use more than doubling since opening”. They added: “As the impact of the cost of living crisis becomes increasingly apparent, hubs are likely to become an increasingly important resource, particularly in communities with little or limited access to cash or banking facilities.”
