Woodbridge Town Council will be applying to LINK for the assessment, which could lead to a Cash Access UK Banking Hub being set up in the town.
In August, the EADT reported how banking giant Barclays was planning to shut its Woodbridge outlet on December 1, which will follow the closure of the town’s HSBC branch in August 2022.
READ MORE: HSBC branches in three Suffolk towns set to close
The losses will leave Woodbridge with just a Lloyds branch and two Post Office counters that operate services for the banks that have withdrawn from the town.
If the application is successful, LINK will look at whether Woodbridge needs a new cash access service.
A range of factors will determine the outcome of the review, such as which cash and banking services are already available to the community, the community’s size and age profile, the number of local businesses, the take up of digital services and the number of people who rely on cash.
The banking hubs are owned by Cash Access UK and operated by the Post Office, providing a shared space where customers of different banks can deposit and withdraw cash, as well as performing other banking tasks.
READ MORE: ‘Keep local Suffolk bank services’ Citizens Advice says
They also enable customers to check their balance, pay bills and top up their gas and electricity, while there is also a facility to talk to a bank or building society about more complicated matters, such as payments and transfers and setting up an online account.
The idea of the banking hub was suggested to the town council in an email by a parishioner.
In response, Cllr Robin Sanders said he would ask if the hub could be considered by the council at its meeting in September.
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He added: “After December 1, on the basis of current facilities and announcements, we will have one high street bank, Lloyds and two Post Office branches in town that undertake banking services for the banks without premises in the town, Hamblin Road (Co-Op store) and Warwick Avenue (convenience store).
“Both currently provide for cash withdrawals, deposits and cheque deposits for UK banks and are open for hours beyond that of high street banks.
“However, it is unclear if Barclays will retain an Automated Teller Machine (ATM) when the branch closes. Neither Natwest nor HSBC retained their ATMs on closure.”
READ MORE: Woodbridge news
