Calls for local banking hub

The borough council is backing local businesses’ and residents’ call for a banking hubs in the area.

Local people and businesses have raised concerns about the number of banks and building societies closing in the borough.

Cllr Clive Jones, executive member for business and economic development, has now written to leaders of nine major high street providers seeking their support for a solution.

Long journeys, fewer services

Cllr Jones has called for a meeting with the bank and building societies to see how a banking hub could be set up in the borough. He said: “Many people, particularly our older residents, rely on being able to get cash for their everyday needs and they miss the opportunity to do so in a bank or building society.

“There is also a concern among local businesses that a reduction in the number of banks is causing people to go elsewhere to do their shopping. There are also some transactions that need people to physically visit their bank – and that can mean quite a long journey for some of our residents now.

“I realise banks are commercial operations and that many of us don’t use them in the way we did in the past – and that is why a hub that brings together a number of high street providers is a great option. They have worked elsewhere and so my question to be banks is why not here.”

Cllr Jones has written to senior leaders at:

• Newbury Building Society
• Nationwide
• Metro Bank
• TSB
• RBS Group
• Santander
• HSBC
• Lloyds
• Barclays

Setting out the challenges

His reasons for a banking hub were set out in the letter:

"Firstly, cash transactions remain popular with customers and there are concerns that elderly customers may have challenges with making transactions when there is reduced access to cash, older people are more likely to prefer paying in cash over card.

"Secondly, businesses who take cash in their till need change, which they can collect from nearby banks, and some have expressed a preference for banks over post office access.

"Thirdly, there have been reports of concerns around customers potentially travelling elsewhere to shop, where they can have better access to cash with a broader range of high street banks open.

"Some banking still requires customers to attend a branch for discussions and signatures, this can involve significant travel for some people when local branches of banks have closed.

"When customers have needed to attend a bank in person, they will often try to do this during lunchtime when a their local has closed its difficult to get to another town to transact their business in their lunchbreak."

Campaigning together

Cllr Jones continued: “We are keen to meet these banks and building societies and the council will be pushing for a hub here but it is also important to show them that local businesses and residents are calling for this as well.

"I know some have already spoken publicly about the issue and I would love to hear from more people interested so we can campaign together.”