LINK, the UK’s Cash Access and ATM network, has announced that Cowes will be the first town on the Isle of Wight to benefit from a new banking hub.
Banking hubs are shared banking spaces, similar to a traditional bank branch, but available to all banking customers. When opened, 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 work on a rotating basis, so there will be staff from different banks available on different days.
The town has been recommended a hub following a community request from Richard Quigley, MP for Isle of Wight West. LINK has determined that the town requires additional cash services to support local businesses and banking customers.
Over the next few weeks, Cash Access UK it will begin to engage with the local community and will start to look for potential sites.
To date, LINK has recommended 179 banking hubs across the UK. Alongside Cowes, LINK has recommended 2 more hubs following community requests. These will be located in Crewkerne (Somerset) and Barnard Castle (County Durham). More than 100 hubs are open across the UK.
Dr Chris Ashton, Chief Commercial Officer at LINK, says:
“While more people are choosing to bank and pay for things digitally, we know that many people still rely on cash and face-to-face banking. That’s why we’re delighted to recommend a new hub in Cowes. There are over one hundred hubs open across the country and when it opens, the Cowes banking hub will provide a vital service for the local community and high street.”
Richard Quigley, MP for Isle of Wight West, adds:
“During the election campaign, I had many people complain about the lack of banking facilities in Cowes. After meeting with Adam Wilkinson at LINK, he suggested I put in a review request. I am over the moon it has been successful. The government is committed to providing local communities with the facilities they need to thrive and a banking hub is part of that commitment. Thank you to LINK for acting so quickly.”
Good idea.
What took them so long? We’ve been saying, for years, we need a central, shared banking hub. Good news for elderly people, but particularly for businesses.
Should be a branch in Newport town centre.
Cash is King, long live cash.
The whole island needs to maintain cash so this would have been beneficial to more if sited in Newport but hey, it’s a start
My thoughts exactly, Cowes ain’t round the corner.
What annoys me are the businesses who refuse cash,
I am surprised in todays economic climate they refuse
cash.
I use to be a regular visitor to Shanklin Chine and
The Pearl Centre until they refused cash!
Great idea