Following the announcement that Frome’s TSB branch will close in September, there have been renewed calls for a banking hub in the town. While the town is now eligible for a banking deposit service, Frome Town Council says that this service falls short of the community banking hub the town desperately needs.
The new deposit service will enable local businesses to deposit cash. However, the town has been told it is still not eligible for a full banking hub, where banking and post office services unite under one roof.
TSB on Cheap Street will be the fifth bank to close in the town after NatWest, Barclays and HSBC all closed within the last year. Halifax, on the Bridge, is also closing in July. The closure will leave just Nationwide Building Society as the only place residents can carry out financial transactions.
Community group, Prosper Frome, and the town council, along with other groups, have lobbied for a town banking hub since the closure of the other banks. Local MP, Sarah Dyke, also raised the issue at a debate in parliament earlier this month. She raised the concerns of elderly residents in particular and asked the government to support rural communities in having banking hubs to provide much-needed face-to-face services.
Residents have also shared their concern about access to banking services. One said, “I am very disappointed at the fact another bank is going. My sister goes in there; she is a pensioner and she just does not know what she is going to do because she can’t drive. I am a pensioner and I do not go online to do my banking.”
Just the day before TSB’s announcement of its planned closure of the branch, Frome Town Council’s economic development and regeneration manager, Peter Wheelhouse, made a presentation to a committee of the House of Lords. He reiterated the longstanding concerns of Frome Town Council, Prosper Frome and the community, about the loss of high street banks and post offices.
Leader of Frome Town Council, Cllr Lisa Merryweather said, “We welcome the news of a deposit service in Frome, which will be helpful for local businesses. However, the need for a fully functioning community banking hub is greater than ever with the closure of TSB.
“We urge the central government to consider a higher level of autonomy for town councils and communities like ours to decide for ourselves if and when a banking hub is needed. The closure of our last high street bank will hit hardest those members of our community who may not be comfortable with, or able to use online banking facilities. The hard work of Prosper Frome and Frome Town Council will continue until Frome has the banking services it needs.”
