Banking Hubs.

WillPS

subjecttocontract said:

So how will a cashless society function when your builder/ gardener/ handyman/ plumber asks for cash ?
We have some cafes in our area which accept cash only, no cards.
How is Harry down the pub supposed to operate when selling cheap air fryers.....he doesn't accept cards ?
You may think none of this applies to you but, there is a very vibrant cash only society that's everywhere !

I guess the point would be that they couldn't do that, and would instead have to arrange another form of payment. (As a little bertie bonus, the illegal option of keeping it off the books would be far harder, and tax evasion would thus fall.)

subjecttocontract

.......and we'd all be paying higher prices as a result. Not such a great idea, especially during a cost of living crisis.I

born_again

eskbanker said:

Scotjock said:

Understand the post was about banking hubs but quickly descended into a cashless society debate.
I remain concerned that cash is on the way out but remain re-assured that they tried to do away with cheques back in maybe 2012? Yet still they are here and see no signs of dissappearing soon - banks now let you scan them on a mobile - just send the payment electronically please grandma...
I think cash will be here in my lifetime at least. Cheques I hope not but a great example of resilience.

I did my best to try to nip that in the bud on page one by highlighting that it isn't tenable to attempt to conflate branch closures with less access to cash, as they really are two separate issues, so it's unhelpful to shoehorn them together artificially!

In effect banking Hubs have the reverse effect. As they allow people access to cash, well when they are open anyway.
But you can always get cashback when shopping 👍

eskbanker

born_again said:

eskbanker said:

Scotjock said:

Understand the post was about banking hubs but quickly descended into a cashless society debate.
I remain concerned that cash is on the way out but remain re-assured that they tried to do away with cheques back in maybe 2012? Yet still they are here and see no signs of dissappearing soon - banks now let you scan them on a mobile - just send the payment electronically please grandma...
I think cash will be here in my lifetime at least. Cheques I hope not but a great example of resilience.

I did my best to try to nip that in the bud on page one by highlighting that it isn't tenable to attempt to conflate branch closures with less access to cash, as they really are two separate issues, so it's unhelpful to shoehorn them together artificially!

In effect banking Hubs have the reverse effect. As they allow people access to cash, well when they are open anyway.
But you can always get cashback when shopping 👍

Cash is also readily available from ATMs and post offices though, whereas, as discussed earlier in the thread, the primary purpose of banking hubs is to provide services that were otherwise only available in branches.

GeoffTF

subjecttocontract said:

.......and we'd all be paying higher prices as a result. Not such a great idea, especially during a cost of living crisis.I

Those of us who use honest tradesman would not. The dishonest tradesman may also find that people say no to a higher price, and pick an honest tradesman instead. If all tradesman paid their tax, we would either have lower taxes or better public services.

subjecttocontract

GeoffTF said:

subjecttocontract said:

.......and we'd all be paying higher prices as a result. Not such a great idea, especially during a cost of living crisis.I

Those of us who use honest tradesman would not. The dishonest tradesman may also find that people say no to a higher price, and pick an honest tradesman instead. If all tradesman paid their tax, we would either have lower taxes or better public services.

But that's not how things work in the real world. Not everyone chooses to make the hard choice of paying the full price. They are sometimes persuaded by an offer to save vat etc.

A cashless society is a long way off. Cash is King in many social groups that live totally different lives to some on this forum.

eskbanker

subjecttocontract said:
A cashless society is a long way off.

But seemingly that doesn't stop people continuing to post about it, as if it was a realistic and imminent prospect....

GTR_King

Can banking hubs do things like
mortgage applications 
Print Statements
Handle cash 

just wondering 

TheBanker

GTR_King said:

Can banking hubs do things like
mortgage applications 
Print Statements
Handle cash 

just wondering 

No mortgage applications (there won't be a regulated mortgage advisor there, although they can probably arrange an appointment, perhaps via a video call depending on the bank and whether the customer is able)
They can probably print statements but it will depend on your bank
There is a Post Office counter in the hub to deal with cash transactions

TheWoodler

I support the idea of banking hubs and suspect that they might do very well in rural or semi-rural areas that already strongly benefit from tourism, primarily the businesses that make up the local tourist economy (and to a lesser extent, the tourists themselves). Such places are also local hubs more generally, ie they draw in people from the surrounding local area as well as further afield. The choice of locations seems to support the idea that this is one of the factors they’re going for. 

What makes me think this is that I was recently in an attractive small country town, which is a regional tourism draw with thriving independent shops and businesses, and now a new hub. I can see the hub making the businesses more viable, while the potential individual customer base is broader than just the local population. I didn’t go in that day as it was, ironically, a BH, but I might well have popped in, if only to withdraw cash (I prefer to withdraw at inside machines, not external ones). 

I can see them evolving to accommodate other financial brands and services if successful, and, given the whole PO débâcle, I wonder if it may also be the only way the PO itself will survive. I’m fascinated by social change and it’s been astonishing to see the speed at which traditional banking has declined.