Residents and businesses in Ferryhill will soon be able to cash in on improved banking services, thanks to the addition of a new hub in the town.
The new banking hub – created by LINK, the UK’s Cash Access and ATM network – was created after campaigning from local councillor, Peter Atkinson, and County Durham Labour colleague Curtis Bihari.
The hubs are shared banking spaces, similar to traditional branches, but available to everyone. They include counter service, operated by the Post Office, where customers of any bank can withdraw and deposit cash, make payments and carry out regular banking transactions. They also have private spaces where customers can speak to community bankers from their own bank for more complicated matters.
County Durham Labour’s Cllr Peter Atkinson said:
“This has got to be great news for Ferryhill, as for the last few years it has been without a bank.
“With a banking hub, residents will be able to access specialist services, interact with staff and tap into assistance offered by all of the established banks – this really will make a significant contribution to residents and businesses and I’m delighted to welcome it to Ferryhill.”
Banking hubs can be recommended by LINK through community requests or following the closure of a branch, with successful recommendations determined by the amount of shops in the area, local demographics and where other banking services are located.
Cllr Curtis Birhani said:
“I am delighted with the decision to build a banking hub. Ferryhill has been without a bank now for a few years and this is very much needed and will be welcomed by our community.”
There are 33 banking hubs across the UK, including Newton Aycliffe that opened before Christmas. LINK has also recommended a hub in Seaham, opening later this year.
Nick Quin, Head of Financial Inclusion LINK said:
“We’re very pleased to recommend a new hub in Ferryhill. While more people are choosing to bank and pay for things digitally, there are still millions who prefer to pay in cash and like to do their banking face-to-face. If a community believes that it needs additional cash services, they can contact the link directly and we can assess whether we can recommend new services such as cash machines or banking hubs.”