Market town needs a banking hub, council argues
The organisation that recommends where hubs should be built is urged to reconsider Fakenham.
The North Norfolk District Council (NNDC) is advocating for a banking hub in Fakenham, one of the largest towns in north Norfolk, urging LINK, the organization responsible for assessing banking hub locations, to reverse its decision not to recommend one.
Banking hubs offer essential in-person financial services in areas where traditional bank branches are absent. However, LINK, which also manages the UK's ATM network, concluded that Fakenham did not require such a facility.
NNDC expressed its "surprise" at this decision, citing Fakenham's size and "relative lack of public transport services," and has formally appealed. LINK stated that the community is "well served by the local Post Office, Nationwide and free-to-use ATMs," but acknowledged a need for improved cash deposit and withdrawal services. "We believe there is a need to improve the capacity of a local cash service - which will now be delivered," LINK affirmed in a statement.
In its appeal letter, NNDC highlighted: "Given Fakenham's population, extensive rural hinterland and relative lack of public transport services in the area, the District Council is surprised that Fakenham isn't seen as a potential location for a banking hub facility." The council also noted its previous collaboration with LINK over the past three years to establish "much-valued" banking hubs in Holt, Cromer, and North Walsham, following the closure of High Street banks in those towns.
Banking hubs have proven vital in numerous locations nationwide where traditional banks have ceased operations. Fakenham, the largest town in the west of the North Norfolk district, is approximately 26 miles (42km) from Norwich and 22 miles (35km) from King's Lynn.
The authority pointed out that recent post office closures in areas surrounding Fakenham have restricted access to cash and deposit services, with Nationwide being the only bank maintaining a permanent presence in the town. NNDC emphasized that Fakenham serves a significant population, including businesses, and is a popular tourist destination, all of whom require access to banking and cash.
Furthermore, North Norfolk has an older demographic, with 33% of its population being aged, significantly higher than the national average of 19%. Most of these residents rely on local services rather than traveling by infrequent buses to Norwich or King's Lynn, according to the authority.
The appeal letter concluded by asking LINK to consider how it "might be able to support the provision of a Banking Hub in Fakenham, aligned with supporting our objectives of promoting financial inclusion and local and national government's ambitions to see a revitalisation of high streets/town centres."