A town’s residents and businesses are set to benefit from a new banking hub.
LINK, the UK’s Cash Access and ATM network, has today announced that people in New Ollerton will soon find it easier to access banking services, thanks to a new banking hub in the town.
It followed a request for the service from Sherwood MP, Mark Spencer.
Banking hubs are shared banking spaces, similar to a traditional bank branch, but available to everyone.
When opened, the hub will have 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.
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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.
The banking hub will now be delivered by Cash Access UK.
Over the next few weeks, it will begin to engage with the community and start to look for potential sites — with the hub will likely to open in 12 months’ time.
MP Mark Spencer said: “I am delighted that my campaign for a banking hub in New Ollerton has been successful. This will make a huge difference to the people of Ollerton and the surrounding areas, along with supporting our fantastic businesses. I would like to thank the team at LINK for meeting with us and for their recommendation that we get a banking hub in New Ollerton.”
Nick Quin, head of financial inclusion at LINK, added: “Banking hubs are making a significant difference to local high streets and communities, so we are pleased to recommend a hub in New Ollerton.”
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 several factors including the number of shops in the area, demographics, and proximity to other banking services.
To date, LINK has recommended 125, and there are currently 50 banking hubs up and running across the UK.
