Forres among 13 UK areas set for a new banking hub
The Moray town has seen a dwindling of banking options where there is now no bank servicing customer needs
Last updated 6th Sep 2022
More banking hubs - which help to fill gaps in access to cash - will be rolled out in UK communities including in Forres.
An additional 13 hubs will be created, bringing the total number planned to 25, according to ATM network Link and the Cash Action Group.
Banking hubs operate in a similar way to bank branches, but services are shared, with banks providing staff on rotation so that trained specialists from different banks are available on different days.
Moray MP Douglas Ross said: "I am absolutely delighted to get the confirmation that Forres will be one of the communities where a Banking Hub will be set up.
“A town and community the size of Forres should never been disgracefully abandoned like they have been in recent years by major banking branches. What was worse was that these bosses clearly were not interested in the concerns of loyal customers and could not be bothered to come to Forres to hear from them"
The 13 new hubs will see four areas North of the Border, and aside from Forres, there will be bases in Brechin, Carluke and Kirkcudbright.
Welcoming the announcement, Moray MSP Richard Lochhead said: “People and businesses in Forres will be relieved to hear that the town is included in plans for the next roll out of banking hubs. This was something I and the community called for following the closure of the last bank on the High Street earlier this year.
“It is hugely important that people are be able to access cash and banking services in their local community and I hope we will see this new hub open its doors as soon as possible.
“There can be no delays, the community needs this service to be made available and they need it fast.”
Banks and building societies have asked Link to identify communities that need help and the locations have been selected as part of that work.
The first banking hubs were piloted last year in Cambuslang and Rochford in Essex. The two hubs have already had approaching 60,000 customer visits and transactions worth £16 million pounds have taken place since they opened.
As the impact of the cost-of-living crisis becomes increasingly apparent, the hubs are likely to become an ever more important resource, particularly in communities with minimal or limited cash access or banking facilities, those behind the initiative said.
Bank branch closures, alongside other trends, have sparked concerns about people's continued ability to easily access cash.
Jenny Ross, Which? money editor, said: "The country's cash infrastructure has been cut to the bone in recent years due to ATMs and bank branches closing, leaving millions of consumers who rely on cash and face-to-face banking services at risk of being cut adrift.
"It's encouraging to see the banking industry announce more banking hubs which, alongside other bank alternatives such as enhanced Post Offices, could play a role in ensuring local communities' cash needs are met.
"These hubs, as well as ones announced in December, must open as soon as possible so consumers can benefit.
"However, only long-promised legislation will properly protect cash.
"The Financial Conduct Authority must be given the appropriate powers to oversee the framework of the country's cash system, including determining a local community's access to cash needs based on geographic distances, as well as holding banks to account.
"Given the rate of bank branch and ATM closures in recent years, that cannot happen quickly enough."