A BANK is set to return to Bank Street in Newquay for the first time in more than five years.

State industry body Cash Access UK plans to open a Banking Hub at 43 Bank Street, which was formally M&Co clothes shop.

A planning application has been submitted to erect Banking Hub signage including externally illuminated fascia signs, refurbish and service main entrance door and internal Banking Hub fit out.

The last bank in Bank Street, Barclays, closed its branch on October 23, 2020, marking the end of over 120 years of banking on the street. The closure of the Barclays branch was the final step in a series of branch closures, with NatWest closing in 2018 and Lloyds and HSBC closing branches on the street since 2015.

A banking hub is a shared banking space similar to a traditional bank branch, but available to everyone.

The hub, when open, will consist of a counter service operated by Post Office employees, where customers of any bank including Bank of Ireland UK, Barclays, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, TSB and Virgin Money can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

There will be private spaces where customers of banks can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

They will be working on a rotating basis, so there will be staff from different banks available on different days. Bank staff will be able to offer advice and support in the banking hubs and direct people to the departments that can sort out problems or resolve any complaints.

Britain’s banks have agreed to set up 350 “banking hubs” over the next five years to provide face-to-face high street services in the wake of mass closures of local branches. The commitment is intended to deliver on a Labour manifesto commitment to address the problem of “banking deserts” in many towns.

Banks have been closing on the high street mainly due to a significant decline in branch visits, driven by the increasing use of online and mobile banking. Banks cite reduced customer footfall and the associated cost of maintaining physical branches as reasons for closures. However, this has a significant negative impact on communities and vulnerable customers who rely on in-person banking services, particularly in rural areas with poor internet access.

Adrian Roberts, deputy CEO, LINK, a not-for-profit organisation and governed by an independent Board, previously stated: “We’re pleased to recommend this new hub in Newquay.

“Access to cash remains vital for millions of people across the country and the new rules that come into force today mean that people will be able to access cash on the high street for many years to come.”

Newquay MP Noah Law said: “I’m thrilled Newquay will receive a new banking hub, particularly after campaigning on this issue following the closure of Newquay’s last bricks and mortar bank branch.

“Our Labour Government has pledged to over 350 new hubs over the course of the next Parliament, to support our aim of bringing back the high street.”