This Friday, Cash Access UK is heading to Bordon to host a community ’drop in’ event about Hampshire’s first ever banking hub.
The event’s purpose is to provide clarity on what the hub is (and isn’t), how it will operate and many of the other questions I’m sure lots of people have, so do pop along if you can.
As well as those living in Whitehill and Bordon, the hub will also be a facility for people in parts of the East Hampshire constituency, such as Kingsley and Worldham.
Nationally too there are a number of other important changes coming into force next week to protect access to cash for everybody living in the UK.
This follows a consultation at the end of last year by the Financial Conduct Authority (FSA), which sought the views of consumers and businesses on how best to ensure ‘reasonable provision’ of banking services for all.
I’ve written before in this column about the importance of providing access to cash, both in terms of shops accepting cash as payment, and physical branches or ATMS being easily accessible to those that need them.
We also know that there are many people living locally who rely on cash withdrawal or deposit services, whether as an individual or as a business.
Cash is also important at local community events and when taking a taxi in our more rural areas, where the phone signal isn’t good.
It’s great news, therefore, that one of the changes being introduced by the FSA is that bank and building society branches earmarked for closure, where this would leave a town with no banking provision at all, will need to remain open until alternatives have been put in place.
And more time will now need to be given for consulting with the community about any changes to local banking services.
Link, the UK’s Cash Access and ATM network, will also next week publish updated rules on how towns and communities can apply for an ‘access to cash’ review. This will hopefully relax the criteria for applying for a hub so that more towns can benefit.
I very much hope all of these changes will stop more towns becoming banking deserts.
I’m glad that the banks and building societies will have to think twice about the real-world impact of a branch closure before pulling the plug.
Too many people rely on these important community assets for this decision to be taken from a spreadsheet alone.
The banking hub community ‘drop in’ is taking place at the Shed in Bordon between 2-4pm on Friday 13th September.