124 closures will leave their communities without any remaining bank branches
On average, around 10 banks have been closing every week in the UK since the introduction of an initiative aimed at preserving access to cash on high streets. This year alone has seen nearly 300 bank closures, and by the end of 2024, a total of 415 banks will have disappeared from our high streets as the rate of closures shows no signs of abating.
The LINK initiative, which was agreed upon by all major banks including Barclays, HSBC, NatWest, Lloyds, and Halifax, was established to ensure that vulnerable customers and small businesses were not left behind in the transition to cashless payments and online banking. The wave of bank closures sweeping across the UK has left a significant number of communities without local banking facilities, prompting the setup of banking hubs or free ATMs to bridge the gap.
In response to the situation, Bira is actively campaigning for the preservation of bank branches or, at the very least, the establishment of banking hubs in every town and city. Mr Goodacre continued: "We call on the new government and banking sector to take immediate action to ensure the long-term viability of cash access and in-person banking services across the UK."
To date, LINK has recommended 147 banking hubs for communities bereft of a local bank branch, with 70 already operational. Nick Quin, Head of Financial Inclusion at LINK, commented: "As people choose new ways to pay, LINK's job is to protect access to cash for anyone who needs it.
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