Increasing Banking Services in Montgomeryshire
Updated: January 2024
In-person banking services are extremely important for many people and businesses - particularly those who are more vulnerable. Cash is still important to millions of people in the UK. Between five and six million adults say they rely on cash in their day-to-day lives. Digital or online solutions don’t yet work for everyone all the time.
We have seen a significant decline in banking services on our high streets, particularly in recent years.
Craig Williams MP and I have been working with Cash Access UK and other organisations to see banking services restored in Montgomeryshire, especially in towns where all banks have closed.
Cash Access UK is a not-for-profit organisation owned and funded by nine of the major banks. As part of an agreement to help protect access to cash, Cash Access UK’s role is to help deliver cash services to communities across the UK including deposit solutions and Banking Hubs.
Banking Hubs are a shared banking space. The Hub will offer a counter service operated by the Post Office, where customers of all major banks and building societies can carry out regular banking transactions, Monday to Friday, 9am-5pm. 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 Community Bankers work on rotation, with a different bank available on each day of the week.
We saw a major step forward in late 2023 with the opening of a first Banking Hub for Mid Wales in Welshpool. Located in the former Lloyds bank building.
The new hub in Welshpool is open every weekday between 9am and 5pm. The Hub will also soon feature an ATM, ensuring that 24-hour ATM access is restored within Welshpool’s town centre.
In addition, on the following days a representative from several banks will be present to discuss specific enquiries on the following days:
I’m hoping that this first Banking Hub will be well used so we can encourage the opening of further Banking Hubs across Mid Wales. Craig Williams MP and I have been holding discussion with LINK and Cash Access UK about opening further hubs across Montgomeryshire.