Following last week’s news that Monmouth is to lose two more major banks, a lifeline has been thrown to the town by a cash access and ATM network.
LINK has confirmed 15 new banking hubs will be delivered as new access to cash regulations overseen by the Financial Conduct Authority (FCA) come into force.
Banking hubs are shared spaces where personal and business customers can access basic banking services and access to cash. The hubs have a traditional counter service operated by the Post Office, and community bankers from nine major high street banks operate on a rotating basis to provide support on more specific matters in a private space.Deposit services also provide small businesses with a facility to access and pay in notes and coins.
With Lloyds Bank and the Halifax to leave Monnow Street, it leaves The Principality in Monnow Street, Nationwide in Church Street and Monmouthshire Building Society in Agincourt Square.
-Lily-Watts.jpeg?width=209&height=140&crop=209:145,smart&quality=75)
However, as confirmed in last week’s Beacon, Monmouthshire Building Society is to move its branch in Monmouth, to a new location on Monnow Street next to Marks and Spencer.
Eve Wilkins, Chief Customer Officer at Monmouthshire Building Society, said: “As part of an ongoing commitment to remaining on our high streets, the regional building society will move their Monmouth branch from its current location at Agincourt Square to 70 Monnow Street, next door to Marks and Spencer.
“The Society, which has had a branch in Monmouth since 2004 will move to the new premises at the end of this month, retaining their current staff and recruiting an additional colleague.
“In line with our purpose-led strategy, we are committed to remaining on the high street, at a time when many of our competitors are closing their doors. This is part of a key strategic initiative for us and allows us to demonstrate our commitment to providing a service channel of choice for members, which as well as investing in our branches, includes our digital transformation.
“We love being part of the community in Monmouth and are delighted that we will be moving to the very heart of the high street where we’ll continue to provide a full service for new and existing members in the town and the surrounding areas. We can’t wait to welcome members to our new branch”
The new branch will provide a more spacious, modern and accessible space for members. The new branch won’t have any steps up to the premises, it’s right in the centre of Monnow Street, close to car parks, and the branch itself provides a roomier space, with additional rooms for appointments.
A regional building society, Monmouthshire Building Society was formed in Dock Street, Newport in 1869. The Society currently has over 70,000 members, 250 colleagues and 11 branches and 11 agencies.
Customers can still head to a nearby Post Office where they can withdraw cash and make deposits into their bank account and Barclays has a non-cash access point in the town library on certain days.
However, as further Financial Conduct Authority protections come into force, more sites will now qualify as new access to cash regulations come into force.
Once LINK has recommended a new banking hub or deposit service, in the majority of cases these will be delivered by a bank owned company called Cash Access UK. To date, Cash Access UK has opened 76 Banking Hubs across the UK.
Once LINK has recommended a new banking hub or deposit service, in the majority of cases these will be delivered by a bank owned company called Cash Access UK. To date, Cash Access UK has opened 76 Banking Hubs across the UK.