Vale of Clwyd MP Dr James Davies met with cash machine network company LINK last week to discuss the possibility of Prestatyn being considered for a banking hub.
Just before Christmas, major UK banks agreed to create a network of shared banking hubs to ensure communities have fair access to banking facilities. The location of these will be guided by minimum requirements to be set out in Government legislation later this year.
The agreement was reached amid mounting pressure over UK bank branch closures.
In recent times, there have been suggestions that Prestatyn might be one of 50 communities in Britain most in need of such a hub: https://www.thisismoney.co.uk/money/saving/article-10075359/50-shared-bank-branches-open-save-Britains-cash.html
Last year Prestatyn saw the rapid closure of the last banks in town, prompting James to launch a campaign to re-instate cash machines in the High Street.
He therefore welcomed the installation of two by Cardtronics, at Jenny’s on the High Street and Meliden Road Post Office, and news that a third is set to be installed at Principality Building Society.
James feels the town would benefit greatly from a banking hub and therefore met with Nick Quin, Head of Financial Inclusion at LINK, to find out more about the hub model and discuss the case for Prestatyn.
He said:
“The introduction of these new banking hubs is great news and a concept I have been discussing with Ministers in the Treasury for some time.
“They mark the beginning of a long-term commitment to ensure ongoing banking access for communities where services are limited.
“Under the new model, any community that faces the closure of a core cash service, such as a bank branch or ATM, will have its needs independently assessed by LINK.
“I was therefore pleased to meet with LINK on Friday to discuss the possibility of Prestatyn being considered for such a hub. The town has had its banking facilities decimated in recent years and as such could be a strong contender if it meets all the criteria."
He added:
“I have been working closely with LINK in response to the multiple bank closures in Prestatyn over the past several years.
“As they state, while more people than ever are banking online or using alternative payment methods, there are over five million people in the UK who rely on cash or cannot use digital banking or payments.
“In Prestatyn, the bank closures have hit independent retailers and elderly residents particularly hard, and I know that they, and many others, would very much welcome a banking hub in the town. I will therefore now gather as much evidence as possible to support Prestatyn's case, starting by writing to local businesses and asking them to detail the impact upon them of the bank closures. We also need to communicate to LINK a clear picture of the extent of impact on residents, visitors, and shoppers."
Anyone affected by the bank closures in Prestatyn can send their supporting evidence for a banking hub in the town to James at either [email protected] or 198 High Street, Prestatyn, Denbighshire, LL19 9BP.
