Shopkeepers in a town in Surrey, which has lost its final bank branch, have stated that it is crucial for the area to receive improved facilities.
Oxted formerly boasted four banking institutions, however, with the closure of the final one in April, the closest bank is now located 10 miles away in Redhill.
Councillor Cameron McIntosh, representing Surrey County Council, is spearheading the initiative for establishing a banking hub in Oxted. He stated that this move would alleviate hardships being faced by both local enterprises and community members.
Link UK, which evaluates the necessity of banking hubs within communities, stated that they believe residents in the region enjoy adequate access to cash via Post Offices and ATMs.
However, Mr McIntosh stated: "Oxted used to have four major banks, but they have all disappeared entirely now, making us essentially a banking wasteland."
According to the 2021 census, Oxted boasts a population of 11,489 residents. The area attracts visitors from neighboring regions primarily due to its welcoming atmosphere and various shopping options, as stated by the Limpsfield Parish Council.
No plans for hub
Tom Parrs, who owns Paul James Jewellers, stated: "Being with Barclays allows me to utilize the nearby Post Office for cash deposits. However, certain circumstances require me to visit an actual bank branch."
I believe this is an excellent concept; after consulting many of my clients and considering the benefits a banking hub could provide, I'm confident it would be highly valuable for them.
What we really want to avoid for the local community is for them to move away from the town because once they do, it won’t be beneficial for retailers, cafes, and restaurants.
There is a "banking pod" in the town's Morrisons supermarket, which offers cash withdrawals, cash deposits, account balance checks and PIN management services.
However, according to the survey conducted by the town's business improvement district, 60% of the companies reported that they struggled to obtain adequate funding required for their operations.
Out of the 93.3% of businesses that reported not having a service to gather their revenue and make deposits on their behalf, approximately half mentioned they could not securely deposit their income at nearby locations.
Link UK determined that a banking hub in Oxted was not necessary after finding that the banking pod deposit machine would be a better fit.
A representative stated: "We are pleased that, thanks to the inclusion of this new machine, residents will continue to enjoy convenient access to cash via both the Post Office and the ATM network within our community."
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Related internet links
- Surrey County Council
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