Brixham has been chosen to pioneer a new banking system which helps small towns cope with the closure of their High Street bank branches.
It will be one of just five towns in England and Scotland to take part in the project, with the announcement being hailed as a ‘Godsend’ for the town.
Brixham will get a banking ‘hub’ run by the Post Office at which customers of any bank can access their accounts, deposit cash and cheques and withdraw money.
The new banking hub will be available for everyone in the community to use, whichever brand they bank with, and will be funded entirely by the major banks.
Detailed inquiries are dealt with by a representative from one of the major banks who each visit once a week.
Brixham was identified by the banks’ own Cash Action Group as being in need of better access to cash and basic banking following the closure of its last remaining bank – Lloyds – earlier in 2021.
The banking hub concept has been trialled over the past year in Essex and Lanarkshire, and has proved popular with customers and small businesses.
Totnes and South Devon MP Anthony Mangnall, who represents Brixham, said: “Since the last bank in Brixham closed its doors earlier in 2021, I have been campaigning for a Banking Hub to be based in Brixham.
“I am delighted that this campaign has been successful and I am particularly grateful for the support provided by Brixham Town Council.
“This new hub will ensure that Brixham remains a place to do business, with comprehensive services that can help to attract investment and development.
“The Cash Action Group recognises Brixham’s true potential and I am pleased that the local community will not be cut off from financial services.
“I look forward to seeing the Banking Hub open as soon as possible.”
Brixham Town Council chair Cllr Paul Addison said the council had been concerned for some time at the lack of banking provision, which had been highlighted with the closure of the town’s last remaining bank.
He went on: “We are extremely grateful to our MP for listening to our concerns at a recent meeting and supporting Brixham to achieve a shared banking hub.
“We are confident that this initiative will support our community and look forward to working with our MP and Cash Action Group to ensure this project is realised.”
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