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There have been calls to increase the amount of banking hubs in Caerphilly County Borough, which has seen numerous bank branches close in recent years.
Delyth Jewell, Plaid Cymru Senedd Member for South Wales East, addressed the Welsh Parliament on Wednesday September 25, asking what more the Welsh Government can do to get banking hubs set-up within empty buildings.
Last year Barclays in Bargoed closed in April, Caerphilly in October, while Blackwood closed in March this year, and Risca closed in May. Ystrad Mynach Barclays is due to close in January 2025.
Described as a “crisis” by Ms Jewell, she spoke about an “absence of any bank branches or hubs” in Bargoed, which has left many residents with “no easy way of getting hold of money”.
What is a banking hub?
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
There will also be private spaces where customers can speak to staff from their own bank for more complicated matters on set days.
She continued: “When banks close their doors, it can isolate communities and individuals, so I’d ask what discussions you as a Welsh Government can have with banking and financial businesses, about setting up more of these banking hubs after branches have left.”
She continued: “Would you explore the opportunity of delivering additional services from banking hubs like debt advice and digital inclusion training?”
In response, the Welsh Government’s economy secretary, Rebecca Evans, said: “I think the circumstances that you’ve described in Ystrad Mynach really are a microcosm of what’s been happening across Wales in the sense that 376 bank branches have closed in Wales since January 2015.
“We absolutely will be pressing for more of those hubs to be coming here and to do so more quickly, but I would really encourage colleagues… to get involved with making representations to LINK.”
This article was amended to better reflect that Ystrad Mynach branch of Barclays will close in January 2025.
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