Hundreds of retail bank branches have closed down across the UK in the past 18 months. This has left some communities with no physical banking facilities. Those in need of an over-the-counter service are forced to travel to a congested branch that may have restricted opening hours and reduced services.
The fact that so many local Post Offices have also closed has compounded the problem.
However, having seen a huge rise in demand to effectively act as a dedicated postal service and banking courier, the Post Office and major retail banks have together come up with a neater solution. Owned by Cash Access UK and run by the Post Office, Post Office Banking Hubs are providing a basic, yet vital service to many communities.
Although by no means nationwide, Post Office Banking Hubs are springing up around the country. The irony that many of these facilities are based within former bank premises, isn’t lost on anyone. They are, however, providing a vital service to those customers who can’t or choose not to use online banking, and for those wanting to make over-the-counter and cash transactions.
Banking Hubs – run by the Post Office
The Hubs have been designed to be many things to many customers by operating something of a personality change on a daily basis.
Run by Post Office staff, the Hubs are open Monday to Friday for general banking operations, essentially paying in and withdrawing from your account, for any UK bank.
A different bank each weekday
Each weekday, however, the Hub becomes a different high street bank, e.g. NatWest on a Monday, Virgin Money on a Tuesday, Santander every Friday and so on and also has a fully qualified member of that day’s banking staff on the premises to answer specific questions and give out information. The type of transactions that can be performed are fairly basic as the Hub uses the Post Office’s computer records, not the individual’s bank. That means they can accept deposits and deal with withdrawals to/from your account but do not have full access. The difference is that you can have a balance on your account on the day, but they can’t print out a full statement, for example. The Hub cannot perform bank transfers to external accounts but they can move money between accounts held in your name by that bank.
The services available include:
- Personal Banking
- Pay in cash and cheques
- Withdraw cash
- Balance check
- Business Banking
- Access change-giving service
- Bill payments
- Pay utility bills
- Top up gas and electric
A welcomed addition to many High Streets
A welcomed addition to the High Street, Banking Hubs provide a safe space to ask questions of a professional bank representative and provide a vital service for customers who have no other alternative, or who are unable or unwilling to use online services.
Within Rackham’s Accountants heartland of East Riding of Yorkshire, we are fortunate to have a banking hub based at Cottingham with another due to open in Hornsea in the very near future. The Cottingham Banking Hub has a representative of specified banks on the following weekdays from 9 a.m. until 5 p.m.
- Monday: NatWest
- Tuesday: Virgin One
- Wednesday: Lloyds
- Thursday: Santander
- Friday: Barclays
For more information, see https://www.cashaccess.co.uk/hubs/cottingham-east-riding-of-yorkshire/
Rackham’s Accountants are always happy to offer any advice to support your finances, both business and personal. Call for a no-obligation consultation on 01482 631700 or send us an email at info@rackhamsaccountants.co.uk
