Chepstow has become home to the UK’s 250th banking hub, providing local residents and businesses with continued access to cash and face-to-face banking services.
Treasury Minister Lucy Rigby officially opened the new facility on 18 September, marking another milestone in the Government’s programme to expand shared banking services in communities affected by the closure of traditional bank branches.
The hub has been established ahead of the closure of Chepstow’s final bank branch next month. Without the new facility, residents would have had to travel around eight miles to Lydney to access the nearest branch. The journey can take roughly 30 minutes by public transport and cost about £4, creating additional difficulties for customers who depend on in-person banking.
The new hub will allow customers to withdraw and deposit cash, pay in cheques and receive assistance from community bankers. An external, free-to-use ATM will also provide round-the-clock access to cash.
More than 100 businesses in the town are expected to benefit alongside thousands of residents, particularly those that continue to rely on cash deposits and face-to-face banking.
The Chepstow facility is the 250th banking hub to open under the Government’s current programme, which aims to establish at least 350 hubs during this parliamentary term. Other Welsh towns to have received banking hubs include Holyhead, Prestatyn and Porthcawl.
The hubs are operated by Cash Access UK, a not-for-profit organisation responsible for maintaining shared access to cash and banking services. Each hub provides daily cash-counter facilities, while participating high-street banks offer additional services through rotating community bankers.
The expansion of banking hubs comes as the Government examines the wider impact of bank branch closures. An independent review of access to banking services, commissioned in May, is assessing whether changes to face-to-face banking are creating difficulties for consumers, communities and businesses.
The review is expected to report to the Government in October, with its recommendations potentially informing future measures to maintain access to essential banking services across the UK. Photo by Ghmyrtle, Wikimedia commons.
