Updated: December 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, Cash transactions still make up over 40% of takings in small shops, Digital or online solutions don’t yet work for everyone.
I've been a member of the Welsh Parliament’s Cross-party Group on Small Shops for a few years. In November, I was elected the Chair. The group is made up of Senedd members on a cross-party basis, with each meeting focusing on different subjects. Our first meeting focused on the need to safeguard cash access, which has become a greater issue with bank closures and the loss of ATMs.
We have seen a significant decline in banking services on our high streets, particularly in recent years.
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 offers 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 are 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 2023 with the opening of a Banking Hub in Welshpool. The hub in Welshpool is open every weekday between 9am and 5pm. Transactions available at the counter include, cash withdrawal, depositing of cash and cheques, payment of utility bills, checking balances etc.
Community Banks are available:
- Monday: Lloyds
- Tuesday: Natwest
- Wednesday: HSBC
- Thursday: Santander
- Friday: Barclays
I was assured that the hub would feature an ATM, ensuring that 24-hour ATM access is restored within Welshpool’s town centre. Unfortunately, this hasn’t been the case this far. I am aware that this process is being held up in Cash Access’s design department, who need to draw up plans that will meet the requirements of both the highways and planning department of Powys County Council. I have also asked for reassurance that the ATM will be disability friendly.
I have also been pressing Cash Access UK for the installation of a ramp for disability access. Works need to be carried out to move utility equipment that runs in the footpath where the ramp is to be situated, which has posed a greater complexity than initially thought. I am told by Cash Access UK that they are reviewing proposals due to the utility issues and are also liaising with building controls who raised some concerns relating to the proposed works for building regs requirements and they have re-engaged with architects and others to review options. I am told they hope to overcome both these issues soon.
I am hoping that this facility will continue to be well used so that we can encourage the opening of further Banking Hubs across Mid Wales. I have held discussion with LINK and Cash Access UK about opening further hubs across Montgomeryshire.
In May 2024, I sponsored an event at the Senedd with Link Financial who operate banking hubs and ATM machines across the UK. The aim of the event was promoting cash access across constituencies in Wales. I have kept in regular contact with Link Financial regarding the opening of more banking hubs and installing ATM’s across Montgomeryshire.
Link require a certain level of population of a town or village to meet its requirements for a hub or an ATM, but I made the strong case that there are areas of Montgomeryshire where whilst the town centre might be under the population needed for Link, the greater surrounding area that the town serves has a much larger population overall.
Due to the rurality of Montgomeryshire, there are many villages surrounding town’s such as Llanidloes and Machynlleth, where local people will travel to, to use amenities within these towns. However, they are classed as being outside of the radius that Link use to decide which places need cash access. Link informed me that they will investigate this and are also waiting for the Financial Conduct Authority to finish a consultation on cash access for communities and would seek to update me on this once it has concluded.
You can view their Cash Locator here: LINK / Cash Locator. If you are aware of any areas in Montgomeryshire that do not have adequate cash access then you can ask LINK to conduct a review here: https://www.link.co.uk/consumers/request-access-to-cash/.