High Streets in Yorkshire: A Bankless Trend

In many small towns throughout Yorkshire, it’s becoming all too familiar to see high streets devoid of banks. Recent data from the Office for National Statistics (ONS) highlights that over half of the local branches in this region have closed over the last decade, largely due to customers opting for online banking.

Take Stocksbridge, for example. As of 2017, it became a “bank desert” after losing five banks, forcing residents to travel up to ten miles to Sheffield for any in-person banking needs.

Eilis Kinsella from Age UK Sheffield points out the significant impact these closures have on older residents. Many now face lengthy bus trips to city centers just to access banking services. “Buses can be unreliable, plus there’s a lack of restroom facilities, which can be quite challenging for those dealing with mobility issues,” she noted. She emphasized, “Planning trips that used to be simple has turned into a daunting task. It can feel like they’re losing their independence and sense of community.”

Moreover, Kinsella mentioned that in-person banking is crucial for older adults, especially those coping with memory loss. “Being able to go somewhere familiar, converse with someone recognized, and get a receipt – it’s invaluable. It keeps them in charge of their finances longer,” she explained.

The fallout from these closures isn’t limited to older adults. People with disabilities, like those who are visually or hearing impaired, also face challenges. “Telephone banking can be tricky if you have hearing issues, and online banking? Well, that’s quite tough for visually impaired individuals,” she added. “I doubt banks are fully contemplating the ramifications of these decisions. While in-person banking might seem less popular, it’s indispensable for some.”

In response to the growing issue, banking hubs have started to emerge across Yorkshire. Funded by several major high street banks and operated by local post office managers under a kindly organization named Cash Access UK, these hubs offer services like cash deposits and withdrawals. Customers can receive assistance from representatives of various banks each day, making it a multi-faceted solution for the community.

As of now, there are 188 banking hubs across the UK, with 25 of these located in Yorkshire alone. The most recent hub opened on Market Street in Wetherby, promising a return to accessible banking.

At the hub’s launch, Val Todd expressed her relief, stating, “This is essential for me. To get to Harrogate for banking takes almost two hours on the bus!” Meanwhile, Howard Wolfenden highlighted its importance for charities, saying, “This ensures that funds get to where they’re needed and aren’t just sitting idle.”

However, some users, like Veronica Lewis, appreciate the new hub but face hurdles. Her husband, who requires assistance due to Parkinson’s disease, still needs to travel farther for services that this hub can’t provide. “It was shocking when the banks started shutting down. I never thought it would come to this,” she said.

Peter Costello raised concerns about the hub’s hours, noting it might create challenges for those with traditional work schedules. “If they only operate certain hours, it’s tough for folks like me who work long days,” he remarked.

As towns like Weatherby, along with others such as Acomb, begin to adopt these banking hubs, there’s still a significant demand for face-to-face banking, according to Simon Taylor, a branch manager. “Customers often tell us online banking isn’t for them. They want that personal touch,” he said.