3.0: Banking Hub coming to town?
Don't believe these 10 myths
Last week, I visited Maldon in Essex, where preparations are underway for a new shared banking hub following the announcement of Santander UK’s planned departure from the town—the last traditional branch presence.
The new hub will offer essential day-to-day banking for customers of all major banks, along with dedicated, in-person services from individual banks Monday through Friday.
It’s a vital step forward in maintaining accessible banking for local communities.
Let’s bust the myths about a town getting a banking hub….
🏦 Busting 10 Myths About a Town Getting a Banking Hub
Bank branch closures across the UK have raised alarm bells, particularly in rural and small-town communities.
In response, Banking Hubs are being introduced to ensure residents and businesses still have access to vital services.
But as with anything new, misconceptions abound.
Here are 10 common myths about Banking Hubs — and the truth behind them.
Myth 1: Banking Hubs are just another ATM.
Truth: Banking Hubs are much more than ATMs.
They’re shared spaces where customers of major banks can speak to real people, deposit and withdraw cash, and carry out essential everyday banking.
Myth 2: Only one bank’s customers can use a Banking Hub.
Truth: Hubs are collaborative, serving customers of multiple major UK banks (such as Barclays, Lloyds, NatWest, HSBC, Santander, etc.).
It’s a true community facility.
Myth 3: They’re temporary fixes and won’t last.
Truth: Banking Hubs are designed as long-term solutions, funded by the banking industry and overseen by Cash Access UK, with a commitment to support communities for years.
Myth 4: They’re replacing all bank branches.
Truth: Hubs are being introduced where there is a clear gap in access, especially after branch closures or the ‘last bank in town’ announces its closure.
They’re not intended to fully replace every bank branch, but to maintain essential access.
Myth 5: You can’t speak to a representative from your bank.
Truth: Banking Hubs offer rotating representatives from major banks, with each bank having dedicated days where customers can get help from someone directly associated with their bank.
Myth 6: Small businesses won’t benefit.
Truth: Banking Hubs are a lifeline for local businesses, offering facilities to deposit cash, obtain change, and manage banking without travelling miles to the nearest town.
Myth 7: They’re only for the elderly.
Truth: While they do help older residents who prefer face-to-face banking, Banking Hubs are also used by young adults, families, and entrepreneurs who need in-person support.
Myth 8: They don’t offer enough services to be useful.
Truth: Services at Banking Hubs include:
Cash withdrawals and deposits
Bill payments
Balance checks
Direct access to bank staff (on rotation)
Business banking support
For many, that covers 90% of everyday needs.
Myth 9: My town isn’t getting one because it’s not important enough.
Truth: Decisions on where to open Banking Hubs are based on independent assessments by LINK, not town size or status.
If a town loses its last branch, LINK investigates and may recommend a Hub.
Myth 10: The community has no say in it.
Truth: Community input is crucial.
Local councils, MPs, businesses, and residents can lobby for a Banking Hub or provide feedback during the consultation phase.
Engagement can and does influence decisions.
🔍 Final Thoughts
Banking Hubs aren’t perfect, but they’re a practical and community-minded response to branch closures.
By separating the facts from the fiction, we can better understand — and embrace — the role these hubs play in keeping local banking alive.
Maldon is getting a Banking Hub!
Don’t panic.
Get informed.
Get involved.
You might find it’s exactly what Maldon needs.
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