AS new rules surrounding banking in small communities come into force, Hailsham has been identified as the only town in Sussex to receive a dedicated Banking Hub.
24 hours before Halifax and Lloyds Bank are due to close their branches for the last time, new access to cash regulations overseen by the Financial Conduct Authority (FCA) means they cannot do so until the new Hub is in place.
LINK, the UK’s cash access and ATM network, has today (Wednesday) confirmed 15 new banking hubs will be delivered across the UK allowing communities that need access to cash services will be able to access those services for years to come.
Banking hubs are shared spaces where personal and business customers can access basic banking services and access to cash. The hubs have a traditional counter service operated by the Post Office, and community bankers from nine major high street banks operate on a rotating basis to provide support on more specific matters in a private space. Deposit services also provide small businesses with a facility to access and pay in notes and coins.
Adrian Roberts, Deputy CEO, LINK: “Today is an important moment for the millions of people across the country who either rely on or prefer to use cash on a regular basis. The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come.”
Economic Secretary to the Treasury, Tulip Siddiq said: “It is vital that people have access to cash, so I’m pleased to see the FCA’s new rules that come into force today.
I am also delighted to see the announcement of 15 new banking hubs, helping deliver on our commitment to roll out 350 banking hubs over the next five years. This will protect access to in person banking services and breathe new life into our high street.”
