New banking hub announced for Todmorden following successful community request by town council and Coun Diana Tremayne welcomed by Josh Fenton-Glynn MP
The announcement for Todmorden to receive a new banking hub follows a successful community request brought by Coun Diana Tremayne and Todmorden Town Council and has been welcomed by Josh Fenton-Glynn MP.
The new banking hub will allow customers of any bank to withdraw and deposit cash, make bill payments, and carry out banking transactions.
Staff from a range of banks will also be available at the hub on a rotating basis for customers to speak to, and customers will be able to check in advance which days staff from their bank will be in branch.
Deputy Mayor Coun Diana Tremayne: “I'm delighted that we've been approved for a Banking Hub having worked on the application alongside the Town Council. I know how important this is to residents and I'm looking forward to the next steps to make it happen.”
Josh Fenton-Glynn, MP for the Calder Valley, said of the announcement: “Tod is a busy market town and residents and businesses need access to cash and banking facilities. I’m absolutely delighted that our local Labour and town councillors have successfully secured a banking hub which will benefit the whole community.”
A location has not yet been set for the new banking hub, which will be decided by Cash Access UK, but customers will be able to track its progress here in the coming days.
Banking hubs – set up through the LINK Scheme – are similar to traditional bank branches but are available to customers of any bank, with counter service operated by Post Office staff.
New rules from the Financial Conduct Authority (FCA) came into force on September 18 requiring banks to provide alternatives for communities who lack access to cash. The rules also mean that existing services cannot be removed until replacement services are in place.
The LINK Scheme is the UK’s Cash Access and ATM Network that connects the UK’s ATMs and enables communities to have access to cash through banking hubs and other services such as cashback at retailers’ tills.
Cash Access UK is a not-for-profit company owned by AIB NI, Bank of Ireland UK, Barclays, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander, TSB and Virgin Money. It aims to provide communities with cash and banking services.