Last month, Wokingham Today revealed how Lynn Forbes, a former Wokingham town councillor and mayor, had applied for the town to have a banking hub.
Now that prospect has been ruled out.
Many readers sent emails and messages in support of the initiative, but Link, the organisation responsible for banking hubs, has confirmed it will not be recommending a banking hub for the town.
A banking hub is a shared banking space, similar to a traditional bank branch but available to everyone.
The hubs currently consist of a counter service that is operated by Post Office staff, where customers of any bank can withdraw and deposit cash, make bill payments, and carry out regular banking transactions.
In addition, there are private spaces where customers can speak to someone from their own bank about more complex issues.
Banks work on a rotating basis, so there will be staff from different banks on different days.
Lynn’s move came after Wokingham town centre lost Nat West, Barclays and Lloyds TSB within the space of a few years.
In her application, she said: ““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.
Ruling out a banking hub Nick Quin, head of financial inclusion at Link, told Wokingham Today: “We assess every community 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, often in towns where the last bank branch closed many years prior.
“As Wokingham is served by both Nationwide and HSBC, five days a week, alongside the Post Office and three free-to-use ATMs, the town is well served and both personal and business customers have excellent access to cash, and therefore Link will not be recommending a banking hub.”
Clive Jones, MP for Wokingham, said he was very disappointed with the news.
He told Wokingham Today: “I’m still planning to put Wokingham’s case for a banking hub, and I have a meeting with the Link organisation in October.”
Cllr Mark Ashwell, Wokingham Borough Council’s executive member for business development, had also backed calls for a banking hub.
He said: “I believe Link has failed to understand the issues we have in the town.
“As Lynn said in her application, our demographic is often reliant on face-to-face financial transactions, and that’s something a banking hub could help with.”
