Vale of Clwyd MP Dr James Davies is disappointed that his latest calls for a banking hub in Denbigh have not been successful.
Having helped secure a banking hub for Prestatyn, James has been liaising with LINK over the possibility of a banking hub in Denbigh.
He first enquired after HSBC announced before Christmas last year that it would be closing its Denbigh branch on August 8th 2023.
LINK consequently visited Denbigh, carried out a full and detailed assessment of the town, and concluded it did not, at the time, meet the threshold for them to recommend a banking hub.
Last month Halifax, which is situated on the High Street in Denbigh, announced that, following an in-depth review, this branch would close on December 4, 2023. They cited a fall of more than 69 per cent in-branch transactions between 2017 and 2022 as the reason for the closure.
Following the announcement, James contacted LINK again to enquire about the possibility of a banking hub in the town.
He said:
“Sadly, bank closures have become a sign of the times and North Wales has lost a good many banks in recent years.
“The closures have hit independent retailers and elderly residents particularly hard.
“I was delighted to secure a banking hub for Prestatyn, which lost all its banks in close succession. It would be great to see similar for Denbigh given the bank closures in the town in recent years.
“However, LINK assessed Denbigh again with the closure of Halifax, and it still didn’t meet criteria for a banking hub.”
James added:
"The nearby Post Office, at 20 High Street, offers personal and business customers everyday banking services, access to cash, paying in of cheques and more, but I recognise that this cannot match the comprehensive set of services that a bank branch can offer.
“Banking hubs are similar to traditional bank branches but spaces are shared. They consist of a counter service operated by Post Office staff, where customers of any bank can withdraw and deposit cash, make bill payments, and carry out regular banking transactions.
“In addition, they have private spaces where customers can speak to someone from their own bank about more complex issues, with staff from different banks available on different days.
“I am questioning both LINK and the Financial Conduct Authority over the processes in place to assess for the need for a banking hub, in the hope that the situation in Denbigh may change in the future. People shouldn’t have to travel miles to access banking services.”
The banking hub in Prestatyn is set to open in November this year.
