Only in the UK and Only in the Banking World Could There Be This Headline

[marchie]

It seems the Banking Industry has hatched a plan to establish across the UK up to 25 'Banking Hubs' that will replace closed Bank Branches and ATMs. The new Hubs will be staffed by different Bank staff on set days to give every account holder access to their own Bank. Fair enough.

The roll out of the new Scheme has, however been hampered by ... [wait for it, wait for it ...], a lack of premises! How about the Bank branches that the Banks themselves bloody well closed?

Banking Hubs

Steve

 

[jagmanx]

I am a bit surprised that mobile banking (using a secure vehicle is not an option. With modern communications etc ...
A given vehicle could serve 2 or 3 locations on the same day or days each week ?
I would have thought it shoild be cheaper for the bank.
With regard to premises
... .many big shops sublet already and presumably have secure fibre connections.

Ps I understand that chaons of bike shops are also keen on hubs...to help with inflation..tyred now.

 

[CardMaker]

Thats because all the closed branches are now selling wine and stuff or become a restaurant

 

[marchie]

Thats because all the closed branches are now selling wine and stuff or become a restaurant

I know. My point is that, had the Banks not gone headlong into a relentless branch closure programme, returning repeatedly to close a few more on top of the previous closures, there would have been sufficient premises retained for the new Hubs ...

Steve

 

[trevskoda]

All banking can be done online these days, and goods bought with cards, paper cash has gone.

 

[marchie]

All banking can be done online these days, and goods bought with cards, paper cash has gone.

Not for people on the margins and/or the gig economy, Trev. And an emerging feature of the Cost of Living Crisis is people buying their groceries with cash, placing the genuine essentials first, telling the cashier to 'stop at £x', with excess goods left in the trolley

Steve

 

[Pudsey Bear]

The Government and the banks have long been trying to outlaw cash to close down organised crime and of course tax evasion, this seems to be just another step, ATMs will vanish, the corner shop and the fast food places will have to take cards, the builder will have to be paid into the bank, the security firms will no longer deliver cash, those friggin awful plastic notes will stop sliding out of our pockets.

 

[marchie]

The Government and the banks have long been trying to outlaw cash to close down organised crime and of course tax evasion, this seems to be just another step, ATMs will vanish, the corner shop and the fast food places will have to take cards, the builder will have to be paid into the bank, the security firms will no longer deliver cash, those friggin awful plastic notes will stop sliding out of our pockets.

Kev,
UK Government Ministers/MPs, members of the Royal Family and the Banks themselves are major players in the tax evasion by offshoring funds, the latter increasing the sector's offshoring by some 50% in the last year for which figures were released. If you remember, David Cameron tried, and failed, to get a UK exemption from the European drive to tackle tax evasion, and shortly afterwards, the Referendum was announced, supported by MPs that are Fund/Wealth Managers and related industry postholders
Banks dislike cash holding because it costs them profits, which is why they led the charge to Debit Cards and online payments et al. Prior to these developments, Banks were required to hold cash balances with the Bank of England of between 9% to 12% of their Lending Book. Immediately prior to the Financial Crash of 2008, the Banks had reduced their cash holdings to around 5%, which required the Deposit Guarantee Scheme to be created in an awful rush, because the Northern Rock calamity was serious enough to start a run on the Banks, and the cash holdings were far too low to be able to meet the demand for cash withdrawals

Steve