Staffordshire town set to receive new banking hub – find out what it will offer

LINK, the UK’s cash access and ATM network, has confirmed Rugeley will benefit from a new hub in the next 12 months.

It will be delivered by Cash Access UK, who will today begin the process of looking for a location to host the hub.

Adrian Roberts, deputy CEO, LINK said: “We’re pleased to recommend this new hub in Rugeley.

"Access to cash remains vital for millions of people across the country and the new rules that come into force today mean that people will be able to access cash on the high street for many years to come.”

As part of new rules introduced by the Financial Conduct Authority (FCA) that strengthen and enhance the previous voluntary rules set up by the banking industry, LINK has confirmed that an earlier recommendation to provide Deposit Services that support small businesses, will be upgraded to a banking hub that can support personal and business customers.

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone.

The hub, when open, will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

To date, LINK has recommended 163 banking hubs. There are currently 81 up and running in the UK.