EIGHT new banking hubs are opening across the UK as Martin Lewis has issued a warning.
Banking hubs offer traditional shared services have been set up in new locations across the UK.
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They were set up to help plug the gap in access to financial services.
There are four locations already open in in Brixham, Cambuslang, Cottingham and Rochford.
While MoneySavingExpert.com (MSE) founder Martin Lewis opened another hub in Acton, London this week.
ATM provider LINK announced plans for a further eight locations to open up, taking the total number of banking hubs to over 50.
The eight new banking hubs will be in the following locations:
- Downham Market (Norfolk)
- Shirebrook (Derbyshire)
- Otley (West Yorkshire)
- Sidmouth (Devon)
- Newton Aycliffe (County Durham)
- Porthcawl (Bridgend)
- Withernsea (East Yorkshire)
- Wellington (Somerset)
In addition, there are three locations where banks are closing down and there will therefore be no ATMs.
But plans are underway for three fee free ATMs to open up soon.
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These will be in:
- Newburn (Newcastle)
- East Horsley (Surrey)
- Ystradgynlais (Powys)
As more banking hubs open up, Martin issued a stark warning about protecting access to cash.
Martin said the more of us who go fully digital, the “more important it is that we are mindful to protect access to cash and bank branches for those who need them”.
“This tends to be more common amongst the digitally disenfranchised, the elderly, and the vulnerable.
“Yet of course banks are commercial entities – so persuading them to keep branches open when not enough use them to make them profitable is going to be tough to do.”
He said customers in areas with banking hubs “will have access to more banks than they likely used to before the banks started to close their individual branches down”.
It comes as hundreds of banks have been shutting their doors recently, with many planned to disappear from the high street this year.
Many people, particularly the elderly, still rely on in-person services and the closures will make it more difficult for this demographic to access accessible services.
But there are still a number of ways in which affected customers can access basic banking services without having to venture to the next town.
If the latest raft of closures will leave you with no bank in your town, and you don’t live near a banking hub, you should be able to do most basic tasks at your local Post Office.
You can use one of the Post Office’s nearly 12,000 branches to perform basic banking tasks — but not open new bank accounts or take personal loans and mortgages.
Many banks also offer a mobile banking service, which is where your bank brings a bus to your local area that has the services that are usually available at your branch.
You should call up your bank to see if it runs such a service and they will be able to tell you where and when it will be parked.
Other banks use buildings such as village halls or libraries to offer mobile banking services.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
