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Banking Hub opens in Looe

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Banking Hub opens in Looe

Cash Access UK, the organisation set up to protect nationwide access to cash, has today opened a temporary home for the Banking Hub in Looe. The Hub is located at Toc H Community Hall, Looe, PL13 2AF and will provide local residents and businesses with basic banking and cash services.

Open from Monday to Friday, 9am to 5pm, it will offer a counter service operated by the Post Office, where customers of all major banks and building societies can carry out regular cash transactions. It also offers a community banker service, where customers can talk to their own bank about more complicated issues.

Community Bankers will work on rotation, with a different bank available on each day of the week:

Monday: NatWest

Tuesday: Barclays

Wednesday: Lloyds

Thursday: HSBC (am), Santander (pm)

Friday: N/A

While the new Hub is up and running today, Cash Access UK continues the search for a permanent home for the Banking Hub.

Gareth Oakley, CEO at Cash Access UK: “While we continue our search for a permanent home for the Banking Hub, I’m pleased that we’re able to offer a temporary solution, meaning customers can access face-to-face banking services and access to cash in Looe. We have several temporary hubs operating around the country at the moment. The feedback has been positive, and it allows us to introduce these important services a little bit earlier as we prepare the Hub. We are continuing to work closely with the local council and I hope we’ll be able to bring some positive news about the more permanent home soon.”

The Mayor of Looe, Cllr Tony Smith: “We have been working with Cash Access UK to provide a banking Hub in our town and are delighted that a suitable temporary location has been found. We’ll continue to work with Cash Access UK to find a more permanent base to guarantee access to cash in Looe in future.”

If you would like to know more about the Banking Hubs, please contact adam.f.taylor@h-advisors.global.

Cash Access UK is a not-for-profit company owned and funded by nine major banks. Their work is part of a new, collective approach to protecting access to cash. They provide shared services – available to the customers of nine firms – in communities where they are needed most. For more information, visit cashaccess.co.uk. 

Who owns Cash Access UK?
Cash Access UK is owned and funded by nine of the UK’s biggest banks: Bank of Ireland, Barclays, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander, TSB and Virgin Money. These firms have come together to provide shared services available to all their customers.

What is a Banking Hub?
A Banking Hub is a shared banking space on the high street. Hubs offer a counter service operated by the Post Office, where customers of all major banks can carry out regular cash transactions, Monday to Friday. The Hubs also offer a Community Banker service where customers can talk to their own banking provider about more complicated banking issues. The Community Bankers work on rotation, with a different banking provider available on each day of the week. Community Bankers are usually provided by the banks with the most customers in the local area.

Cash use is in decline. Why are you setting up new Banking Hubs?
Cash is still important to millions of people in the UK. Between 5 and 6 million adults say they rely on cash in their day-to-day lives. Digital or online solutions don’t yet work for everyone all the time. We’ve found that Banking Hubs can make a real difference to individuals, small businesses and the communities they live in.

Can small businesses use the Banking Hubs to do their banking?
Business customers are welcome to use the counter services to make cash withdrawals, cash and cheque deposits and other cash services including floats and coinage.

How long does it take to open a Banking Hub?
Opening a Banking Hub can take several months from start to finish. These are the steps involved:

  • Find a suitable property that meets our requirements. These include size, condition and location.
  • Negotiate terms with the landlord.
  • Once an offer is agreed, solicitors carry out the legal work so the lease can be signed. We may need to get planning approval from the local authority before we work with our architects on the layout and design. Where the building is listed or in a conservation area, we make sure our design and the building work complement the area.
  • Post Office appoints a Banking Hub Operator and the bankers identify Community Bankers so they are ready to serve customers on the day we open.
  • Carry out final checks to make sure everything is working so we can open the doors.

Who decides where to set up a Banking Hub?
LINK, the UK’s cash machine network, decides where new services are needed. LINK is an independent, regulated company with many years’ experience in assessing communities’ cash needs. LINK reviews the impact of every proposed branch closure by our Member firms. A community can also ask to LINK to carry out an assessment of the community if they feel they need better access to cash.

Why isn’t every bank and building society involved in this?
Cash Access UK’s nine Member firms cover the vast majority of personal and business customers. Cash Access UK is open to any bank or building society to join as long as they meet certain criteria.