A NEW cash deposit service has been recommended for Burnham-on-Sea, supporting small businesses and cash-reliant customers in the town.

The recommendation was made by LINK, a not-for-profit regulator of cash, following the announcement that Lloyds Bank will close on November 28, 2024.

Lloyds Bank concluded that it was not feasible to keep the Burnham branch open, as between 2018 to 2023, customer transactions had declined by 48% and use of the cashpoint had fallen by 37%. In addition, nearly half of all personal customers used other Lloyds Bank branches – the nearest being located at Bridgwater and Weston-super-Mare. The town also has a Nationwide branch, which has committed to stay on the High Street until at least the start of 2028.

Although the details of the new cash deposit service are not yet confirmed, the service is likely to take the form of an enhanced Post Office banking service, or a multi-bank ATM deposit machine. Cash Access UK will deliver the new service, which is expected to be operational in a few months.

The announcement follows a recent meeting by Burnham-on-Sea and Highbridge Town Council to discuss the viability of a Banking Hub for the town. The first request for this was turned down by LINK, owing to stringent criteria. However, discussions are ongoing for the possibility of implementing banking facilities at the Waffle Hub Community Café.

Burnham-on-Sea and Highbridge Town Council said: “The Town Council are supporting the Waffle Hub to gain some banking facilities whilst still seeking to establish a Banking Hub. Any cash facilities will be welcomed as part of this plan.”

A Banking Hub offer easy access to face-to-face cash and banking in the heart of communities. They are owned by Cash Access UK and operated by the Post Office. The spaces are open from Monday to Friday, and each Banking Hub has a counter where you can access cash services whenever the Hub is open and whoever you bank with.