Foord opens ‘revolutionary’ banking hub in Axminster

Local MP Richard Foord joined with community leaders to open a new Community Banking Hub in Axminster, a year after the town lost their only remaining bank branch.

This new Banking Hub is a shared banking space, offering face-to-face service for customers of all major banks and building societies to allow them to access a full range of banking services.

The Community Bankers will work on rotation, with a different bank available on each day of the week to provide regular service. It will be open Monday to Friday between 9am-5pm, enabling regular access for local people.

The Hub was established by Cash Access UK, an organisation set up to protect nationwide access to cash. It is based in the former Lloyds branch and will be operated by the Post Office.

It is the second Banking Hub to open in Devon, part of 18 across England and Wales. There are 76 additional banking hubs have been recommended, primarily in rural areas, including a proposed hub in Sidmouth.

Mr Foord, who represents Axminster in Parliament, joined with local community leaders and the Mayor of Axminster to cut the ribbon and formally open the site on Friday.

Richard Foord MP said:
“This new banking hub will make a huge difference. It will enable local people to access a full range of banking services in their own community and will help resuscitate the high street.

“Rural areas have lost so many bank branches in recent years. Many towns have seen every branch close; that is what happened in Axminster.

“This new hub shows that when we apply pressure to Government and to big business, we can protect vital services like face-to-face banking, which are essential to small businesses and older residents in particular.

“I will continue to advocate for more action by the Government to speed up the delivery of banking hubs across our corner of Devon, so as to protect people's access to cash close to where they live.

“In particular, I will be pressing for similar progress with a proposed banking hub in Sidmouth – which has been roundly endorsed by the local Chamber of Commerce there.”