WOKINGHAM Borough Council is backing a campaign by local businesses and Wokingham Today to set up a town banking hub.
Cllr Clive Jones, executive member for business and economic development, has written to nine major banks and building societies, calling on them to support the move.
But a former town mayor has called on council leaders to “get a move on” warning Wokingham could become “a financial ghost town” with shoppers preferring Reading and Bracknell which have full banking services.
Wokingham Today has reported the growing concerns of many town shop owners as more banks close their doors with others scheduled to do so.
Cllr Jones is seeking a meeting with the High Street bank and building societies to see how a banking hub could be set up in the borough.
He said: “Many people, particularly our older residents, rely on being able to get cash for their everyday needs and they miss the opportunity to do so in a bank or building society.
“There is also a concern among local businesses that a reduction in the number of banks is causing people to go elsewhere to do their shopping.”
He continued: “There are also some transactions that need people to physically visit their bank – and that can mean quite a long journey for some of our residents now.
“I realise banks are commercial operations and that many of us don’t use them in the way we did in the past – and that is why a hub that brings together a number of high street providers is a great option. They have worked elsewhere and so my question to the banks is why not here.”
In his letter, Cllr Jones pointed out that cash transactions remain popular with customers and there are concerns that elderly customers may have challenges with making transactions when there is reduced access to cash.
He added: “Businesses who take cash in their till need change, which they can collect from nearby banks, and some have expressed a preference for banks over post office access.
“There have been reports of concerns around customers potentially travelling elsewhere to shop, where they can have better access to cash with a broader range of high street banks open.
“Some banking still requires customers to attend a branch for discussions and signatures, this can involve significant travel for some people when local branches of banks have closed. When customers have needed to attend a bank in person, they will often try to do this during lunchtime when their local has closed. It is difficult to get to another town to transact their business in their lunchbreak.
“We are keen to meet these banks and building societies and the council will be pushing for a hub here but it is also important to show them that local businesses and residents are calling for this as well. I know some have already spoken publicly about the issue and I would love to hear from more people interested so we can campaign together.”
Lynn Forbes a former Wokingham Town Mayor on Wokingham Town Council urged the borough to stop delaying and “take the initiative” on setting up a hub.
“I suggested setting up a bank hub way back in January and the council seems to have been sitting on its hands all this time. We need action now to help businesses and to ensure our town doesn’t see businesses dry up.
“It’s one thing to contact the banks to get their support but the council would do better to get in touch with LINK the body that sets up the hub. Why wait until the last bank shuts its doors? That will sadly happen one day. It would be better to contact LINK now and get the process started.
“In the meantime, I’d recommend the council use some of the funding it has received to keep the buses going, to organise transport from outlying areas into Wokingham, especially on market days. That would help bring life back into the town.”
