New banking hub to be created in Welshpool as High Street names close

Welshpool is to have a new shared banking hub, thanks to a commitment from the banking industry to protect access to cash.

EMBARGOED TO 0001 MONDAY JULY 6..File photo dated 14/09/17 of a man withdrawing money from an ATM. The coronavirus pandemic should give banks a "kick up the bum" to invest in cutting-edge technology to ensure vital access to cash in a post-Covid-19 world, according to one of the world's largest cash machine makers. PA Photo. Issue date: Monday July 6, 2020. Diebold Nixdorf expects the coronavirus crisis to see cash transactions plummet by 30% over the whole of 2020 and drop by up to another 10% in 2021. See PA story CITY ATM. Photo credit should read: Aaron Chown/PA Wire.

LINK the UK’s Cash Access and ATM network, had agreed that the town has met the criteria for a Banking Hub. It's openoing will now be carried out by a bank-owned delivery body, The Banking Hub Company.

The decision follows the announcements that Barclays is to close its bank in Welshpool in September and Lloyds in the New Year leaving the town with no High Street bank.

In January this year LINK agreed that it would assess the effect of bank branch closures on communities and identify where new shared facilities such as ATMs, cashback or Banking Hubs are needed.

Following recent branch closures, LINK has recommended that Looe in Cornwall and Welshpool have banking hubs.

They will join two locations already operating in Cambuslang , South Lanarkshire and Rochford in Essex and eight already announced for Acton, Brixham, Buckingham, Carnoustie, Cottingham Knaresborough, Syston and Troon

Banking Hubs provide basic banking services including counter services run by the major banks and the Post Office, and dedicated rooms where customers could see community bankers from their own bank.

John Howells, the chief executive officer of LINK said: “While the way people are banking and paying for things is changing, we also know that there are millions of consumers who are still dependent on cash. LINK’s work is vital to ensure that free access to cash is maintained where it is needed by consumers.”