Residents urged to use remaining banking services as Gainsborough is turned down for new banking hub
Despite recent bank closures Gainsborough does not meet the criteria for a new banking hub.
The decision was made following a recent review by LINK and a further review by officers, requested by councillors, to better understand the remaining facilities for its residents in the town.
LINK’s assessment criteria include rurality, demographics, business profile, financial vulnerability, physical geography, transport options and seasonal demand.
Gainsborough was found to be above the threshold for a banking hub, meaning it does not qualify for additional support under the scheme.
Despite recent closures of high street banks, Gainsborough continues to offer a robust range of personal and business banking services.
Nationwide, Yorkshire Building Society and TSB maintain branches in the town, while Gainsborough Library hosts community bankers from Barclays and Halifax.
These community bankers provide non-cash services such as help with payments and transfers, card and PIN support, account management, bereavement services and more.
The Post Office also plays a vital role, offering personal and business banking services for over 30 banks.
Personal customers can deposit cash and cheques and make cash withdrawals, pay bills and there are a range of services available for businesses too.
Coun Mandy Snee, who brought the motion to council earlier this year, said: “After the closure of several banks in the town over the past few years, I asked West Lindsey District Council to explore the opportunities for a banking hub in the town.
“Unfortunately, Gainsborough was above the threshold, but this gives us a chance to highlight the wide range of accessible banking facilities across the district and why it’s important to maximise their use.”
Coun Matt Boles, chairman of West Lindsey District Council, said: “Even though online banking is popular, many people and businesses still rely on in-person services.
“The more these facilities are used, the more banks will recognise their importance to our high streets and hopefully invest more in in-person banking.”