EIGHT new banking centers are opening across the UK as Martin Lewis issues the warning.
Bank centers offering traditional sharing services have been set up in new locations across the UK.
They were established to help close the gap in access to financial services.
Four locations have been opened in Brixham, Cambuslang, Cottingham and Rochford.
While MoneySavingExpert.com (MSE) founder Martin Lewis opened another center in Acton, London this week.
ATM provider LINK has announced plans to open eight more locations, bringing the total number of banking centers to more than 50.
The eight new banking centers will be in the following locations:
- Downham Market (Norfolk)
- Shirebrook (Derbyshire)
- Otley (West Yorkshire)
- Sidmouth (Devon)
- Newton Aycliffe (Durham County)
- Porthcawl (Bridgend)
- Withernsea (East Yorkshire)
- Wellington (Somerset)
In addition, there are three locations where banks are closing and therefore will not have ATMs.
But plans are underway to open up three free ATMs soon.
They will be in:
- Newburn (Newcastle)
- East Horsley (Surrey)
- Ystradgynlais (Powys)
As more banking centers opened, Martin issued a stark warning about protecting access to cash.
Martin said the more of us go fully digital, “it’s more important for us to be mindful of protecting access to cash and bank branches for those who need them”.
“This tends to be more common among the digitally disenfranchised, the elderly, and the vulnerable.
“However, of course banks are commercial institutions – so convincing them to keep opening branches when not enough use them to make a profit will be very difficult to do.”
He said customers in areas with banking hubs “will have access to more banks than they did before banks started closing their individual branches”.
It comes as hundreds of banks have closed recently, with many planning to disappear from the high street this year.
Many people, especially the elderly, still rely on face-to-face services, and closures will make it harder for this group to access accessible services.
But there are still some ways that affected customers can access basic banking services without having to venture to the next town.
If the most recent closure leaves you without a bank in your town and you don’t live near a banking center, you should be able to do most basic tasks at your local Post Office.
You can use one of the Post Office’s nearly 12,000 branches to perform basic banking tasks — but not open new bank accounts or get personal loans and mortgages.
Many banks also offer mobile banking, which is where your bank takes the bus to your local area whose services are normally available at your branch.
You should contact your bank to see if it offers such a service and they should be able to tell you where and when it will be parked.
Other banks use buildings such as village halls or libraries to provide mobile banking.
Do you have a money problem that needs sorting? Get in touch by emailing firstname.lastname@example.org