Cash Access UK is working together with banks to provide banking facilities at local high streets, with a counter service operated by the post office. The first in London opened this week on Acton High Street.
Martin Lewis officially opened the new hub
Money Saving Expert Martin Lewis CBE, who officially opened the new hub, said: “I have long been a supporter for access to cash.
“The more of us who don’t touch cash the more important it is that we champion access to cash for those people who will be left behind – the vulnerable, the information and internet disenfranchised, many elderly people.”
Five million adults rely on cash
Statistics from the Bank of England survey based on c.2,000 adults published in January 2021 found, ‘over five million adults rely on cash in their day-to-day lives and cash remains the preferred payment method for 21% of the population.’
As many people move to digital and mobile banking, bank branches are disappearing from high streets, leaving a gap for anyone who still needs access to in-person services, or who would prefer to speak to a member of bank staff.
Hubs provide access to banking services
The new hubs will provide access to banking services for people who do not have access to the internet or digital banking, or simply prefer not to use it, and will give local people the opportunity to speak privately to a banking adviser regarding a mortgage, loan or overdraft.
Cabinet member for an inclusive economy Councillor Steve Donnelly said: “Not everyone is able to use the internet, or digital banking, and many are concerned about fraud or scams online. So this new banking hub is important as for many Ealing residents it means ready access to banking services, close to home.
“It’s good to see the high street banks collaborating in this way, recognising the negative impacts that their closing of high street branches is having on local communities.”
Customers from any bank can use the services
The hub is open Monday to Friday, between 9am – 5pm. While staff from specific banks are there on different days, customers from any bank can use the services on any day.
Participating banks include:
Nationwide Building Society
Services include: cash withdrawal, cash deposit, balance enquiry, cheque deposit, and cash deposits. There won’t be an ATM at the hub – at least initially – but customers can withdraw cash from the cashiers.
The Acton High Street banking hub is based at The Oaks shopping centre, Acton High Street, Acton W3 6RE.