Opened by LINK, 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
ATM network LINK has today announced that locals and businesses in Chingford will benefit from a new shared banking space.
LINK describes the move as part of a wider commitment to protect access to cash.
Banking hubs are a shared banking space, 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.
To date, LINK has recommended 118 banking hubs. There are currently 42 banking hubs up and running in the UK.
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 will start to look for potential sites. The hub will likely open in twelve months’ time.
Nick Quin, head of financial inclusion at LINK said: “We are pleased to recommend this new banking hub for the local community in Chingford. Many people are reliant on cash, and it is essential that we protect access to cash and basic banking for communities across the UK.”
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