Wokingham will be assessed as a suitable town for a banking hub next month.
Last week Wokingham Today reported that Link, the organisation responsible for supporting banking hubs, said Wokingham would not be considered, but new rules mean the town could still qualify.
A banking hub is a shared banking space, similar to a traditional bank branch, but available to everyone. Hubs 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.
Lynn Forbes, a former town councillor and mayor, had applied for Wokingham to be granted a banking hub on behalf of the town.
Initial indications suggested Wokingham may not qualify, but new rules that are set to be introduced by the Financial Conduct Authority means the town’s needs can now be assessed.
A senior community assessment manager from Link is now set to visit Wokingham later this month, and meet with businesses, shoppers and politicians.
Wokingham is likely to be one of the first towns to be assessed under the new rules.
Nick Quin, head of financial inclusion at Link, told Wokingham Today: “Link assesses local cash access needs following the announcement of the closure of any bank branch.
“We are also pleased to receive requests from people who believe their high street requires additional cash services.
“We have recommended almost 150 banking hubs where bank branches have closed and where communities have told us about issues accessing cash.
“The FCA have recently published new rules which will come into force on September 18.
“We will publish new information about what those rules mean for how we assess locations at that point.
“We will assess requests we have received from people in Wokingham under those rules from September 18.
