LINK, the UK’s Cash Access and ATM network, today announced that residents and businesses in Ferryhill will soon find it easier to access banking services thanks to the addition of a new banking hub in the town.
The announcement follows a request from local town and county councillor, Peter Atkinson.
Banking hubs are shared banking spaces, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.
Banking hubs can be recommended by LINK through a community request or following the announcement of the closure of the bank branch in a location. Successful recommendations are determined by a number of factors including number of shops in the area, demographics and proximity to other banking services.
There are currently 33 banking hubs up and running across the UK. This includes the hub in Newton Aycliffe that opened before Christmas.
The banking hub will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the local community and to start looking for potential sites. The hub will likely open in 12 months’ time.
Nick Quin, Head of Financial Inclusion LINK: “We’re very pleased to recommend a new hub in Ferryhill.
“While more people are choosing to bank and pay for things digitally, there are still millions who prefer to pay in cash and like to do their banking face-to-face.
“If a community believes that it needs additional cash services, they can contact link directly and we can assess whether we can recommend new services such as cash machines or banking hubs.”
Councillor Atkinson said: “This has got to be great news for Ferryhill, as for the last few years it has been without a bank.
“With a banking hub, there will be access to staff and services of the established banks and this will make a significant contribution to the residents and businesses of Ferryhill.”
The news has also been supported by local MP Paul Howell, who added: “I welcome the news of a second banking hub for the constituency.
“Ferryhill has been in need of banking services since the last bank closed in 2018.
“The Newton Aycliffe hub has been a resounding success so far with residents having access to services from a range of banks.
“This new hub will help Ferryhill residents and businesses access banking services that they have had to travel into other towns for in recent years.”
Anyone can contact LINK at: www.link.co.uk/initiatives/bank-branch-closures/
Additionally, to check for your nearest free access to a cash point, you can download the app or visit the Cash Locator tool at www.link.co.uk/consumers/locator/.