'Lifeline' cash service planned in Warwick after bank closures

A new banking hub could act as a cash lifeline in a Warwickshire town following the closure of it last bank branch. Warwick could be the site of a banking hub set up by LINK.

The move is part of a wider commitment to protect access to cash as banks close their branches in smaller urban centres. The proposed banking hubs would be a shared banking space, similar to a traditional bank branch, but available to everyone rather than users of a specific bank.

However, the plans , if successful, would not be up and running until next year leaving those in the town without access to in-person banking facilities. The hub would 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 would be private spaces where customers can speak to community bankers from their own bank for more complicated matters requiring specialist knowledge or privacy.

READ MORE: Face of thug who 'dragged woman by her hair' in 'terrifying' kidnapping

The banks would work on a rotating basis, so there will be staff from different banks available on different days. To date, LINK has recommended 146 banking hubs. There are currently 60 banking hubs up and running in the UK.

The service would be delivered by Cash Access UK. Over the next few weeks, LINK will begin to engage with the local community in Warwick and will start to look for potential sites.

The hub will likely open in 12 months’ time and LINK chief commercial officer Chris Ashton said they were pleased to recommend this new hub in the town.

“Many people locally still need cash and this hub will play a crucial role in helping them access it on the High Street. We’re determined to make sure that, as we all choose new ways to pay, people who use cash in places like Warwick have the benefit of a convenient, accessible location to access and deposit cash on the high street.”

More than 6,000 bank branches have shut across the UK in the past nine years, with over 200 more closures scheduled for the rest of the year. The number equates to about 60% of the total network nine years ago. Some banks have found solutions around having a permanent premises such as Barclays, which has set up pop-up branches in suburbs surrounding major centres.

Sign up for our FREE daily newsletter here for all the latest news about Coventry.