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Banks gather to remain open with shared branches

Britain’s first shared bank branches are set to open their doors this spring. Mass branch closures have left scores of towns and towns without access to vital banking services.

Professionals hope the brand-new bank centers will offer a lifeline for consumers and small businesses in some of the worst-hit areas.

They will use counter services run by the Post Workplace where customers with any bank will have the ability to deposit cheques, pay costs and withdraw money

Shared bank branches will provide counter services run by the Post Workplace where customers with any bank will be able to deposit cheques, pay expenses and withdraw cash.

There will be self-service machines which small businesses can use to deposit takings. Significant banks will likewise take rely on provide face-to-face visits in meeting rooms.

Some banks might need customers to make consultations beforehand, while others may run a drop-in service.

The very first three bank hubs will be opened in Ampthill in Bedfordshire, Cambuslang in Lanarkshire and Rochford in Essex.

Information of the precise whereabouts and opening hours are expected by the end of March, with the centers scheduled to open when lockdown has eased in April.

The areas were chosen as part of the Community Access to Money Pilots effort, which was released to assist discover a solution to Britain’s cash crisis.

Millions are still reliant on cash. Yet around 432 branches and 3,300 free-use cash machines have closed considering that the start of last year, according to Which? And increasing numbers of shops are declining cash amid virus fears.

The scheme is also trialling cashback schemes in local shops and cash collection services, installing new ATMs and reconditioning Post Workplaces so it is simpler for consumers to perform banking transactions.

Natalie Ceeney, chair of the Community Access to Money Pilots, stated: ‘There is growing acknowledgment that we require to collaborate to keep cash sustainable. We have actually been working truly hard over the previous months to set up brand-new ways to help neighborhoods gain access to money.

‘ Without action, our money facilities will collapse, as bank branches and ATMs close throughout the UK.’

The pilots run up until September. It is then hoped they will be presented more extensively.

The Treasury promised to present new laws to safeguard cash in 2015. However regardless of regular conferences with banks, regulators and consumer groups, no action has actually yet been taken.

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