Shared Banking Hubs: Keeping Cash In Local Communities
A lifeline for the elderly and the vulnerable ...
Posted by Roger Eddowes on 03/02/2022 @ 8:00AM
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 ...
Thanks to shared banking hubs, cash will keeping circulating in local communities!
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.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about shared banking hubs and how they're protecting cash for the elderly and vulnerable, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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