LINK, the UK’s cash access and ATM network, has today confirmed that Richmond in North Yorkshire is to receive a Banking Hub following the announcement that the town’s final branch is set to close.
It is the 100th location in the UK to be recommended by LINK to receive a Banking Hub.
Despite more people choosing to bank and pay for things digitally, cash remains vital for millions of people across the UK. In 2021, the banking industry agreed that following the closure of any bank branch or a request from a community, LINK will identify whether a community requires further cash services. LINK will assess a community to understand existing cash services and proximity to other banks or post offices. It will also review the number of local shops alongside demographics and whether a location is more reliant on cash. Once a Banking Hub has been recommended, it is delivered by Cash Access UK.
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As well as assessing closures, LINK has invited the public to request locations where banks had already closed as sites for Banking Hubs. To-date, LINK have recommended 38 Banking Hubs following a community request. This includes Clay Cross, where the final bank branch closed six years ago and where the hub opened in November this year and four sites in Northern Ireland following consultation with the Consumer Council for Northern Ireland, announced on 20th November.
A further 63 have been recommended following the announcement of the closure of the last bank branch.
John Howells, CEO, LINK: "High streets are at the heart of our communities and Banking Hubs are helping to bring life back to them. More people are banking and shopping online meaning they’re not visiting ATMs or bank branches as often as they used to. It’s still critical that we’re able to provide free access to cash and face-to-face banking services. We’re pleased that today we can confirm Richmond will be receiving a new Banking Hub and Cash Access UK is already working on plans to get it up and running."