Chamber Welcomes Three New Shared Banking Centres For Kent

News that businesses in three Kent towns could soon benefit from access to new shared banking centres has been welcomed by Kent Invicta Chamber of Commerce.

The announcement from Cash Access UK, the not-for-profit company established by ten major high street banking providers, comes as Kent Invicta Chamber reports that its Kent & Medway Growth Hub has helped 540 local firms. Of the firms helped, 301 received signposting and advice on business support, a further 199 had three hours of support and 40 business received 12 hours or more of one-to-one advice and support.

With many towns across Kent having lost their bank branches in recent years, Faversham, Tonbridge and Whitstable have been identified as potential locations by Cash Access UK.

Each of the three new centres will provide a communal banking space for businesses and members of the public in those towns without a branch operated by one of the country’s leading banks. The Financial Times recently reported that a total of 636 bank branches are set to close by the end of 2023, with a further 42 to close by the end of next year, according to figures from ATM provider LINK.

Businesses in the towns will be able to pay in cash and cheques, withdraw cash, and if registered with the hub they can access change-giving services.

Tudor Price, Deputy Chief Executive of Kent Invicta Chamber of Commerce, said:

“Three fifths of the nation’s branch network has closed in less than a decade. The impact of the loss of basic banking services can be immediate and severe on many local businesses handling cash on a daily basis. This investment in three shared hubs across Kent has to be welcomed, and we hope that it paves the way for others across the county in those towns without access to branches.

“The loss of the traditional Bank Manager means many businesses are now being advised remotely. To help fill the void, the need for business advice is now met by accountants and lawyers, as well as information and support from the Kent & Medway Growth Hub, operated by our team of advisers and funded by Kent County Council and the UK Government”.

The Cash Access UK banking hubs will offer a counter service operated by the Post Office, where customers of all major banks and building societies can carry out regular cash transactions, Monday to Friday, plus a LINK ATM. A community banker will be on hand to talk to customers about more complicated banking issues.

Cash Access UK is owned and funded by nine of the UK’s biggest banking providers: Bank of Ireland UK, Barclays, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander, TSB and Virgin Money. These firms have come together to provide shared services available to all their customers.

More information on the Growth Hub, which provides business and funding advice, access to skills and training, events and other resources, can be found by visiting www.kentandmedwaygrowthhub.org.uk