Bank deal could be game changer for far north, says Jamie Stone
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A GROUND-breaking banking deal to ensure communities across the UK have access to cash could be "absolutely game changing for the future prosperity of the far north," according to local MP, Jamie Stone.
He hailed the deal – struck between high street banks, consumer groups, the Post Office and ATM provider LINK –
as "the best Christmas present I could ever have hoped for".
The agreement means rival providers will work together to ensure that community cash needs are met.
Shared banking hubs, free ATMs and enhanced post office services could all be rolled out following independent reviews into local cash requirements. LINK will be responsible for undertaking reviews and commissioning new services.
The Caithness, Sutherland and easter Ross MP said:"I have been campaigning for rural and remote cash access for many years now. To see banking hubs becoming a reality is the best Christmas present I could ever have hoped for.
"This agreement could be absolutely game changing for the future prosperity of the far north and other communities across the UK. I look forward to continuing to work with LINK and other participants to make sure it is a hearty success."
John Howells, the chief executive of LINK, said: "Our relationship with cash is changing but the UK is not ready to be a cashless society, and free access to cash remains vital for many consumers and communities. LINK is therefore delighted to take on such a key role, working independently alongside the banks to ensure that the cash needs of communities continue to be met."
The collaboration, which also involves the Federation of Small Businesses, marks the beginning of a long-term commitment to ensure widespread cash and banking access for communities where services are limited.
Although cash use has been in decline in recent years – a trend accelerated and exacerbated by the pandemic – and is 35 per cent below pre-Covid levels, millions of people across the UK still use cash daily. Banks and consumer groups recognise the need to ensure customers and small businesses which need cash can continue to withdraw and deposit it.
Under the new model, any community facing the closure of a core cash service, such as a bank branch or ATM, will have its needs independently assessed by LINK which will decide if a new solution should be provided to meet that area’s cash needs.
LINK, which already provides ATMs where communities need them, will commission services to meet the cash needs of the community as a whole – not just the customers or members of one bank or building society. Communities will also be able to request a review of their needs from the summer of 2022.
