Residents and businesses in an East Lancashire town will soon find it easier to access banking services thanks to the addition of a new banking hub.

The hub, by ATM network Link, will open in Bacup after local MP Jake Berry submitted a successful request.

Banking hubs are shared banking spaces, 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.

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As well, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

The banks will be working on a rotational basis, so there will be staff from different banks available on different days.

Banking hubs can be recommended by Link through a community request or following the announcement of the closure of the bank branch in a location.

Successful recommendations are determined by a number of factors including number of shops in an area, demographics, and proximity to other local banking services.

LINK has recommended more than 100 to date, including Darwen, Great Harwood, and Barnoldswick in East Lancashire.

Jake Berry, MP for Rossendale and Darwen, said: “I’m so pleased that our campaign to bring banking back to Bacup has been successful. No more having to trek over to Burnley or Rawtenstall to do your banking, this will be a huge boost for local businesses as well those people who struggle to use online banking.

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“A huge thank you to Link for working with us and agreeing to open a banking hub in the town, I can’t wait to see it up and running.”

Nick Quin, head of financial inclusion at Link, added: “We’re very pleased to recommend a new hub in Bacup. While more people are choosing to bank and pay for things digitally, there are still millions who prefer to pay in cash and like to do their banking face-to-face.

“If a community believes that it needs additional cash services, they can contact Link directly and we can assess whether we can recommend new services such as cash machines or banking hubs.”