An application to launch a banking hub in a town has been rejected – despite many traders and shoppers calling for it.

Swanley has had no bank branches at all since NatWest shut in May 2022 due to a “falling demand for its services”.

Barclays closed a few months before which has since been replaced by McDonald’s.

Currently, the town relies on a limited number of services at a Post Office branch and a pop-up Barclays van which visits the town once a week – but can only offer advice.

Once its last bank shut, Swanley Town Council contacted LINK, the UK's main ATM network, and Cash Access UK to push for a banking hub.

LINK assesses the criteria, which is created by the government, and Cash Action Group, a not-for-profit company owned and funded by major banks, installs the banking hub itself.

However, Swanley’s appeal was rejected around 19 months ago.

The Financial Conduct Authority recently changed the eligibility criteria for banking hubs, with the new rules coming into effect from September.

This meant Swanley was automatically eligible for a reassessment, which took place on October 30. However, the appeal was rejected again last week.

The council’s CEO Ryan Hayman said: “The town council has submitted an appeal against the decision to deny Swanley a bank hub.

“The decision was made by LINK, the independent body responsible for implementing these hubs across the UK.

“We were surprised to learn that Swanley was deemed to have only 49 qualifying relevant retailers, falling short of the required 65.

“We have evidence that there are over 70 shops in the area.

“Additionally, we highlighted that the alternative access to cash facilities suggested in London borough areas is impractical for many residents due to transport challenges and the added burden of ULEZ restrictions.

“We are deeply disappointed by this outcome.

“Together with Laura Trott MP, we will continue to challenge the decision and advocate for Swanley’s needs.”

Laura Trott, MP for Sevenoaks, added: “I have been campaigning hard alongside Swanley councillors and Swanley Town Council to secure a banking hub for the town.

“While the banking facilities we secured at the Post Office are a huge help, residents need and deserve a more complete banking offer available.

“Last week I heard that our latest application had been turned down, which is deeply disappointing.

“A meeting will now take place with LINK, who made the decision, where my dissatisfaction will be shared, and I am also looking to appeal the decision.”

Daniela Korzanowski, who has lived in the town since 1976, previously told KentOnline that the lack of banks in the town has a “big impact on the elderly”.

She said: “It's definitely not easy for the elderly. Hopefully, something will be sorted soon, especially for older people.

“Not only that but for people like me because I don’t drive.”

Traders at Swanley Market, who only accept cash, also stated that having no banks causes “big problems” as they aren’t always able to get change.

One said: “It’s becoming a nightmare and we’re in desperate need for a proper banking service in the area”.