Shared Banking Hubs: Keeping Cash In Local Communities

With the rise of contactless payments, cash is being seen as something quite archaic. However, there is still a need for physical coins and notes, so the major banks have been working on shared banking hubs ...

This has been agreed via a new voluntary agreement so each time a branch is threatened with closure, an independent assessment is done on local needs. This could be as simple as providing an ATM instead, but it could also mean the village Post Office gets an upgrade.

"This ensures elderly and vulnerable still have access to cash!"

It has been estimated that over five million people still rely on cash day-to-day and if businesses are unable to deposit their daily takings they may then choose to only accept cards. The Government wants to keep plenty of cash in circulation so shared banking hubs are a great idea.

So, far, these independent assessments have created eleven new ATM locations, improved cash handling in thirty local Post Offices and five larger shared banking hubs being created in larger locations around the country and run by the Post Office.

At the hubs, customers from any bank can access accounts, make deposits and withdraw cash at any time. The major banks send representatives to the hubs once a week to deal with more in-depth queries.

"They've been called a lifeline for many communities!"

More than 4,000 bank branches have closed in the last few years, with another 200+ scheduled to close in 2022. The pandemic has reduced cash usage by 35%, so these shared banking hubs, along with the addition of cashback from shop tills without needing to make a purchase will also help elderly and vulnerable people across the country.

I feel this is a very positive move.

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