LINK, the UK’s cash access and ATM network, announced recommendations for a further five banking hubs in the country yesterday. As well as Ashby-de-la-Zouch in Leicestershire, Cromer in Norfolk, Portishead in Somerset and Torquay in Devon, Launceston has been confirmed as a location for a new hub, which will also be the tenth hub in Cornwall. 

The news comes following the news that NatWest's Launceston branch will be closing.

The loss of banks in recent years has had a huge impact on communities. In areas where banks have closed, suddenly people are unable to access basic cash and banking services. There is no doubt this would cause frustration and anxiety for many, particularly those unfamiliar with the use of online banking and contactless payments. For lots of people, having access to cash is still seen as an important part of daily life. 

LINK has now recommended 231 banking hubs up and down the country, which will be delivered by Cash Access UK. Other hubs in Cornwall include Bodmin, Bude, Hayle, Helston, Looe, Newquay, Redruth and Saltash, with Falmouth and Launceston hubs to be added this year.

Banking hubs are a way for people in communities to access banking services, with a counter service run by Post Office employees. According to LINK, cash withdrawals, deposits and bill payments can be made, regular banking transactions can continue, and customers can seek guidance and advice from community bankers. Hubs are free to use, and will work on a rotating basis.

A date is not yet set for the banking hub to open in Launceston, but it is expected to arrive some time later this year. 

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