FOLLOWING the confirmation of several bank branch closures in the region last week, LINK, the UK’s Cash Access and ATM network, has recommended a new banking hub in the Scottish Borders.

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to customers of any of the main high street banks.

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

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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.

Bank of Scotland announced last week that its branches in Duns, Jedburgh, Newcastleton, and Eyemouth close between October of this year and February 2024.

In 2021, the banking industry agreed that following the closure of any bank branch, LINK will identify whether a community requires further cash services.

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And LINK has recommended a new hub in Jedburgh. Over the next few weeks, LINK say that they will begin to engage with the local community in each area and start looking for potential sites. The hubs are likely open in 2024.

Chris Ashton, Head of Banking Services, LINK: “Access to cash and face to face banking services remain important for communities across the UK. We know many people are comfortable using contactless and digital payments, but over five million people still rely on cash every day. We’re pleased to make these recommendations and to support local communities.

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“If any town or village thinks it has an access to cash issue, we’d recommend people firstly check our cash locator tool and if they believe there’s a problem, they can contact us directly to investigate.”