Douglas Alexander MP has welcomed the announcement by LINK, the UK’s cash access and ATM network, that local people and businesses in North Berwick will soon benefit from its recommendation for a new banking hub in the town.

While the town had not previously met the criteria for a banking hub, the recent FCA rule change led to a reassessment by LINK and the confirmation that a hub will now be provided.

Following the FCA’s recent announcement of the new rules to protect access to cash, LINK has been reassessing previously proposed locations to see if they now qualify for a banking hub. The new rules build on previous voluntary arrangements put in place by the banking industry and, for the first time, will be enshrined in law. Today’s reassessment confirmed that North Berwick will benefit from a new banking hub as part of a wider commitment to protect access to cash.

Douglas Alexander MP said:

“I’m very keen to see banking hubs established in local communities where branches have been lost, so it’s great news that LINK has recommended this one. I’m sure it will prove to be helpful for local individuals, businesses and groups who want to do their banking in person, and I look forward to hearing more details about the new hub. I’ll also continue to make the case for banking hubs to be considered in other local towns without bank branches.”

Nick Quin, Head of Financial Inclusion, LINK:

“We’re pleased to recommend this new hub in North Berwick. Many people locally still rely on cash, and this hub will play a crucial role in helping them access it on the High Street.  We’re committed to making sure people who use cash in places like North Berwick have the benefit of a convenient, accessible location to access and deposit cash on the high street.”

To date, LINK has recommended 167 banking hubs. There are currently over 80 banking hubs up and running in the UK.

The banking hub will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the local community and will start to look for potential sites. The hub will likely open in 12 months’ time.