Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: July 23, 2025

Purpose:

Content: Background: In the past decade, 6,300 banks and building society branches have closed. This represents 64% of branches in the UK as of the beginning of 2015.[1] This trend is also mirrored by a decrease in the number of free-to-use ATMs, which has fallen by more than 10,000 since 2016.    Eltham High Street has seen the disappearance of most of the major bank branches over the last few years. This trend began with the closure of TSB in 2020, Barclays in February 2024, NatWest in August 2024, and the recent announcements that Santander will close in June this year with Halifax following shortly behind in October.  This means that to access in person services, needed by so many who are unable to bank digitally, Eltham residents would have to travel 3.60 miles to the nearest TSB branch, 2.23 miles to the nearest Barclays, and 2.8 miles to a Natwest. After the closure of the Santander branch, residents will have to travel to Sidcup – although this too will be closing this year - and those wanting to bank in person with Halifax must go all the way to Bromley Town Centre.   This Council notes with concern: The impact of these closures and access to cash has hit the most vulnerable residents as well as small businesses in Eltham. In 2019, Financial Conduct Authority found that branch closures presented challenges for older people who would have to travel further to reach a branch. It said that older people were also less likely to turn to mobile banking, which increased their risk of financial exclusion. In 2020 the Financial Conduct Authority highlighted that small businesses are significant users of branches and that a lack of access to branches can create problems for some micro businesses. Around 20% of small businesses with a turnover below £2 million use branches as their primary means of banking. In 2023 Age UK said that older or vulnerable people often struggle with online banking with the charity's research suggesting 27% of over-65s and 58% of over-85s rely on face-to-face banking. In 2023, Which? reported 52% of disabled people surveyed said that branch closures had had a “negative impact” on their access to bank services citing difficulties with speaking to staff on the phone, using equipment like card readers or remembering passwords.    This Council recognises that: ·        A banking hub is a site that offers people physical access to banking services from a range of providers. They are owned by Cash Access UK, a not-for-profit company funded by nine major banks and operated by the Post Office. ·        The Post Office provides the deposit, withdrawal and bill-paying services for customers of the 30 or so providers involved in its Everyday banking service. But in addition, hubs offer a “community banker”, who represents the major banks in the area and allows customers of individual members of Cash Access UK to meet members of staff to discuss more complex banking matters. These staff typically attend on a rotating basis, and the service is usually staffed by the providers with most customers in the area. ·        That the local Labour MP for Eltham and Chislehurst Clive Efford has called for the criteria to be changed so that places like Eltham where all the banks have closed can get a banking hub.   This Council calls upon: 1.    LINK, the UK’s cash machine network, to review the impact of past and proposed branch closures in Eltham Town Centre with a view to whether a banking hub can be established. 2.    LINK, Access to Cash, and the Post Office to meet with the Royal Borough of Greenwich to scope potential locations and premises on or near Eltham High Street for a banking hub. 3.    That the Cabinet member for Inclusive Economy, Business, Skills and Greenwich Supports will write to LINK, Access to Cash, and the Post Office to set up a meeting to discuss the establishment of a banking hub.