Wokingham could be a step closer to having a banking hub.
Lynn Forbes, a former Wokingham town councillor and mayor, has applied to Link, the organisation responsible for banking hubs, for the town to have a banking hub.
Banking hubs are shared spaces on the high street where you can complete cash and cheque transactions, and face-to-face services, regardless of who you bank with. They are commonly operated by representatives from one bank on weekdays.
Lynn’s move comes after the town centre has lost Nat West, Barclays and Lloyds TSB within the space of a few years.
In her application, she said: “It is now over a year since Wokingham Borough Council applied to request a banking hub, which was declined.
“As a previous town councillor of some eight years, and Town mayor between 2019 and 2020, on behalf of the residents of the town I ask you to reconsider.
“There were 134,398 electors registered in Wokingham on March 1, 2024. A significant number require full banking services.
“We are an aged demographic. Many don’t trust internet banking. Some don’t have the Internet, never mind Internet banking
“A banking hub would add value to Wokingham, and would bring footfall to our town.”
She highlighted the fact that HSBC does not offer counter services, and the Post Office often has queues in excess of an hour.
She also pointed out that although charities are becoming digital when fundraising, they still rely on cash.
She said: “Paying in cash is a time-consuming function. Some establishments limit how much cash you can pay in at any one time.”
She added that some charities are finding they have to fund additional insurance for their volunteers holding large amounts of cash in their homes, something they cannot afford.
Cllr Mark Ashwell, Wokingham Borough Council’s executive member for business development, has backed calls for a Wokingham banking hub.
Speaking to Wokingham Today, he was full of admiration for Lynn’s efforts, and said he would do whatever he can to support Wokingham, and other parts of the borough, to have a banking hub.
Wokingham’s member of parliament, Clive Jones, is also supporting renewed calls for Wokingham to have a banking hub.
He has written to the operators of banking hubs to request a discussion about areas within his constituency that have issues with a lack of access to banking services.
Before making a decision, Link looks at many factors, including the size of the community, how many shops there are, and the characteristics of the community to understand its needs. This includes how close the nearest banking facilities are, and how easy it is to travel there.
Importantly for Wokingham, it also looks at how people use online tools, including digital banking. It measures levels of digital vulnerability and compares that with the national average. This considers the extent that residents use online shopping and banking, and have access to a smartphone and the area’s broadband speed.
It also considers the age of the local population, measuring the proportion of older people (over-65) in the community compared with the national average.
Where there are indications that cash access might need to be improved, Link will visit on a typical weekday, and check all the assessment information is accurate.
They will speak to members of the community and local businesses to understand how cash-dependent a community is.
Link will also look at the suitability of the local Post Office, including opening times, proximity, and capacity, to understand how able it is to provide cash access and deposits to people and businesses.
A spokesperson for Link confirmed that if it identified an access to cash need in Wokingham, it will look to undertake a visit to obtain further information within the next three months.
Link also confirmed it would welcome comments from residents and businesses regarding a banking hub in Wokingham.
If you feel Wokingham needs a banking hub, and wish to support the campaign, email news@wokingham,today. Please put HUB in the subject line of your email.
