James Evans MS has asked for LINK to reassess the eligibility of Builth and Hay on Wye to receive a banking hub after new ‘Access to Cash’ rules came into force last week.
Until now, both towns have been rejected for Banking Hubs as they did not meet the necessary criteria. However, the new ‘Access to Cash’ rules recently introduced by the Financial Conduct Authority could mean that Hay and other towns may become eligible.
Banking Hubs offer shared services in towns where all bank branches have closed. Current criteria state the town must also have 10,000 people within the local area and at least 70 cash trading shops. The location of the nearest bank is also considered, the travelling and cost to get there, and how many elderly or vulnerable people live nearby. Services offered include a free to use ATM machine, cash deposit facilities or a Banking Hub.
James Evans, MS for Brecon and Radnorshire, said:
“It is shocking that we have no banks in thriving towns like Hay on Wye and Builth Wells. I have submitted requests to ask that both towns be re-assessed for Banking Hubs after the introduction of new ‘Access to Cash’ rules by the FCA.
“Whilst many services can be undertaken at the Post Office, we are seeing queues through the door and cashpoints running out of money. We must protect the vulnerable and older residents, who for a variety of reasons cannot switch to online banking.
“High Street Banks have a responsibility to look after their customers and I will be doing all I can to get a Banking Hub in these towns. At the very least, we need Faster Banking Services in our Post Offices to cope with the significantly increased customer footfall they are now seeing because of the closures.”
