As constituents know, I've been campaigning for Thirsk and Malton towns to have access to banking hubs, vital lifelines which can bridge the gap for individuals and businesses when banks close their branches.
A banking hub is a shared banking space, like a traditional bank branch but available to everyone. The hubs have a counter service where customers can withdraw and deposit cash, make bill payments and carry out regular banking transactions. They have private spaces where customers can speak to someone from their own bank about more complex issues. If strategically positioned, these hubs can address issues of accessibility, financial inclusion and small business growth. Post offices also clearly have a critical role to play here in supporting their long term viability, providing cash and banking services for customers and businesses, allowing them to withdraw and deposit cash, deposit cheques and check their current account balance.
As someone born and bred in this area, I know how devastating the impact of losing bank branches can be. I assure constituents I am doing everything I can to safeguard banking services as tangibly as possible.We may be able to use the potential of banking hubs and enhanced banking services to address the financial needs of rural areas and foster economic growth in our region.
Recent updates below:
Filey: In Filey, a temporary hub opened as of 16th September 2024, providing vital cash and banking services to the community of Filey. I'm working with Cash Access and Link on a permanent provision. As residents know, Filey currently has a temporary hub which I plan to visit November 2024. Regarding a permanent hub location, Cash Access are making progress towards a formal lease signing and we expect the permanent hub to open early next year.
Bedale: I know there's demand in Bedale for a banking hub and after conversations with LINK and Cash Access, I've submitted a community request for a banking hub in Bedale as of October 2024, stressing the benefit for Bedale, West Tanfield and surrounding villages. The key factor here is the need for walk-in advice which is so crucial in rural areas, which I have stressed to LINK.
Update 26 November: Despite strong efforts, my bid for a Banking Hub in Bedale was sadly rejected due to the provisions provided by the Post Office being deemed sufficient. Nonetheless, we will keep the pressure up on LINK and Cash Access and I encourage you to contact my office with any concerns about banking provisions. However, in Parliament, the All-Party Parliamentary Group (APPG) for the Future of Financial Services is running an inquiry into access to banking and want to hear how banking closures and reduced services affect individuals and businesses. I have therefore made a submission to the APPGs inquiry, noting the points raised to me both in my ongoing small business survey and with general casework. I hope this feedback will help shape the case for better banking solutions being put to Government.
Helmsley: As Helmsley has recently secured a permanent post office, opening in the latter part of 2024, a banking hub is not presently being considered due to the banking provisions already provided by the post office.