Thirteen more Post Office hubs announced as cash crisis grows

[TrueBlueTerrier]

https://www.proactiveinvestors.co.uk/co ... 91876.html

Lloyds, Natwest, Barclays, HSBC and Santander use the hubs

Another thirteen Bank Hubs, which are run by the Post Office and shared with five mainstream lenders, are to open it was announced today.

Seen as a potential solution to the steady stream of bank branch and ATM closures, customers of any bank can use the hubs to access their accounts, deposit cash and cheques and withdraw money.

Lloyds Banking, Barclays, NatWest, HSBC and Santander share the hubs with the Post Office and send staff in on specific, allocated days to handle more complex enquiries.

The new hubs will be spread across the UK, but a huge increase in the number will be needed to solve the bigger issue, according to bank sector insiders.

“The promised hubs don't even scratch the surface in terms of satisfying the banking needs of the UK," added Ron Delnevo, a business consultant in the ATM industry.

"Cash is disappearing at a frightening rate, and so are ATMs and branches and it is not acceptable to leave communities without access to cash," John Howells, chief executive of Link, said.

"Cash still matters hugely to millions of people across the UK and with the cost-of-living crisis biting, more and more people are turning to cash as a way of budgeting effectively. Banking Hubs are an important part of the solution," Natalie Ceeney, Cash Action Group chairperson, said.

The additional thirteen sites would take the total number to 25 but currently only two trial sites, in Rochford, Essex, and Cambuslang, Scotland, are in operation.

Running costs are thought to be similar to that of a small bank branch, but are divided between the lenders available at the hub.