Teignmouth to receive new banking hub
LINK, the UK’s cash access and ATM network, has today announced locals and businesses in Teignmouth will soon find it easier to access banking services thanks to a recommendation for a new banking hub in the town.
Following today’s announcement of the closure of the final bank branch in town, LINK has confirmed that the town will benefit from a new banking hub as part of a wider commitment to protect access to cash.
Teignmouth is one of eight locations alongside Ossett (West Yorkshire), Prescot (Merseyside), Saltash (Plymouth), Stone (Staffs), Teignmouth (Devon), Thorne (South Yorkshire), Ulverston (Cumbria) and West Drayton (West London). There are currently seven banking hubs up and running across the UK including Acton (Ealing), Carnoustie (Angus), Brixham (Devon), Cambuslang (Lanarkshire), Cottingham (East Riding of Yorkshire), Rochford (Essex) and Troon (Ayrshire).
In 2021, the banking industry agreed that following the closure of any bank branch, LINK will identify whether a community requires further cash services. Additionally, any community without a branch can contact LINK directly and ask to be assessed for support.
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of 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. 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 local community and to start looking for potential sites.
Chris Ashton, Head of Banking Services, LINK: “Access to cash and face-to-face services are still vital for millions of people across the UK so we are pleased to be announcing a banking hub for Teignmouth. It will enable the local community to continue accessing the much-valued banking services that many rely on.”
