Harpenden Town Council Celebrates Banking Hub Campaign Success

Harpenden will be getting a Banking Hub! This announcement follows close to three years work by the Town Council to secure what will be a vital community asset.

Back in February 2023, the Town Council made an application to the relevant bodies setting out the case for a Banking Hub in Harpenden. Unfortunately this application was rejected due to criteria imposed on assessors that we believed were not fit for purpose. Rather than accepting this knock back, the Town Council embarked on a lobbying campaign for changes to the criteria that would see a Banking Hub secured for the Town. This has included liaison with the previous and current Government and national financial institutions including the Financial Conduct Authority.

Councillor Pip Liver, Mayor of Harpenden, said “Confirmation that a Harpenden Banking Hub will go ahead is

excellent news for our Town. The diminishing banking services has been hugely detrimental to residents and small businesses in Harpenden and neighbouring villages who rely heavily on Harpenden Town Centre. The Town Council’s resilience in its campaign to secure the Banking Hub has now been rewarded and will make an incredible difference. We would particularly like to express our gratitude to local resident and industry expert, Derek French, who has played a vital role in securing this essential service.”

What is a banking hub?

A Banking Hub is a place where the public and businesses have daily access to face-to-face counter service, with the same transactional banking facilities that the high street banks offer. This includes the opportunity for scheduled private consultations with individual bank representatives. They are organised and funded by banks and would not be funded locally using public funds.

A hub is a dedicated and appropriate banking space, open to customers of all retail banks, situated in the centre of town and aims to be accessible to everyone.

Why does Harpenden need a banking hub?

Across the country, high streets have seen many changes over recent years and ours in Harpenden is no different. One of the big changes is the reduction in banks and the services that they offer. Harpenden Town Council engaged local people in 2022 which helped to identify the key reasons a Banking Hub is needed in Harpenden:

• Significant volume of closures so far have already made it very difficult for local people and businesses to access banking services;
• Reduction in banks has had a detrimental impact on High Street retail footfall
• Local people and businesses are unable to bank in the way that they would like;
• Impact is felt across age groups but more so in the over 55’s;
• Clear demand for transactional services (cash withdrawals above ATM and PO limits, need for denominated cash, regular or event related large cash deposits, depositing high value and foreign currency cheques);
• Clear demand for in person expertise (account problems, including digital), proof of identity, bereavement procedures, Power of Attorney registration, opening new accounts or adding/removing names, resolving fraud issues, signing/authorisation changes to charity accounts, arranging large - including international - payments/transfers).

Who would own, fund and operate the hub?

It would be owned by Cash Access UK, funded by the banking industry and operated by the Post Office (but in a separate location).

Where will the hub be located and who finds the appropriate property?

They are situated in the centre of town and aim to be accessible to all members of the public. There should be at least 1,000 sq ft, able to be secure and have appropriate back-office space.