A BANKING hub could still come to Ilminster despite the town previously being told it has too few people to qualify.
Link, the UK’s cash access and ATM network, said it will publish a new process and criteria on September 18 and it will look again to see if Ilminster can qualify for a banking hub if they receive a request from community representatives.
The financial regulatory body in the UK, the Financial Conduct Authority (FCA) recently published new rules on cash access to ensure the “reasonable provision” of cash access services in the UK.
Ilminster Town Council was previously told the town did not fulfil the criteria for a banking hub, as there are not enough people living within 1km – but this may change due to the incoming new criteria.
Link’s current criteria for a banking hub is that there must be at least 7,000 people within 1km of the high street and more than 70 shops.
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Nick Quin, head of financial inclusion at Link, said: “The FCA published new rules on cash access in July.
“In response to this, on September 18, Link will publish a new process and criteria to determine where new assisted cash services are needed.
“If we receive a request from community representatives to reassess Ilminster, we will take another look to determine whether the current level of cash services meets the needs of consumers and small and medium-sized enterprises in the town.”
Banking hubs see the main banks unite to provide counters for those wishing to do their banking in person.
The last high street bank in Ilminster, the Lloyd’s bank on Silver Street, closed last month and residents have taken to social media to complain about having to travel to nearby towns to do in-person banking.
Good luck
Ilminster does need a banking hub,lots of elderly & younger families use the ATM .Also remember we have lots of people on holiday that come to Ilminster to spend their cash!!
All the basic banking services can be done at Ilminster Post Office, my friendly staff will be happy for you to put money in, take money out and give you a balance from your bank account. Ilminster has got a thriving Post Office, unlike many other small market towns across the country, whose Post Offices have gone the same way as the banks. One cash machine in the middle of town to provide an out of hours service would fix this problem, without depriving the Post Office of the welcome extra footfall.
The criteria based on a radius of 1 km has no relevance in a rural area. A town like Ilminster is the main centre for villages over 5 miles (8km) away with many thousands of people depending on the services there. New criteria reflecting the reality of rural lives is urgently overdue. However, unlike South Petherton, Ilminster has a Post Office branch. I find I can do all my personal and business banking using online services in conjunction with using the Post Office for drawing cash and paying in cash and cheques. My bank’s nearest branch is Exeter but I have not needed to visit it once in the 20 plus years I have lived in Somerset.