Lancashire’s local officials are highlighting the pressing need to expedite banking hub installations as high street banks continue to vanish. Their concern focuses on maintaining essential in-person banking services in the county, where only two hubs are operational and four more are planned.
The decline in traditional bank branches has left many Lancashire communities without essential banking services. In response, banking hubs have emerged as a vital solution. These hubs provide essential face-to-face banking services that support local communities, especially in towns where branch closures are prevalent.
Currently, Lancashire hosts only two banking hubs, located in Barnoldswick and Great Harwood. Four additional hubs are planned, aiming to fill service gaps left by high street bank closures. The planned hubs in Bacup and Morecambe will launch by late 2025.
Moreover, councillors stress the importance of ensuring cash availability, noting that many ATMs are disappearing across high streets. This scarcity can lead to increased withdrawal fees, affecting the community negatively.
Councillor Maxwell-Scott emphasises that while digital banking is convenient, many consumers require traditional banking services. He argues for more hubs to serve communities and stresses cooperation with Cash Access UK to expedite this rollout.
The hubs are integral for those who have difficulty with digital banking. Since each hub caters to all banking customers, it eliminates the need for multiple visits to different bank branches, enhancing convenience.
To address withdrawal charges at ATMs, councillors are considering alternative solutions. This approach may help reduce the financial burden on residents who rely heavily on cash transactions.
The proposed banking hubs offer a viable solution to persistently vanishing bank branches. Councillors remain hopeful that increased banking hub installations will effectively sustain essential banking services in Lancashire, buffering the high street economy against further decline.
In conclusion, the push for more banking hubs in Lancashire is a strategic response to dwindling bank branches. These hubs are necessary to support local economies and provide essential services to residents who prefer or require in-person banking.
