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A banking hub has been ruled out for a coastal community, despite a raft of closures meaning it will soon have just one branch serving 40,000 people.
In May TSB confirmed it will be pulling out of Sheerness High Street as part of a larger programme of cuts – leaving only Nationwide on the Island.
HSBC, Barclays, Halifax and NatWest all quit the town in recent years.
The announcement prompted a backlash among residents and Gerry Cunningham took matters into his own hands by starting a petition.
The Minster resident has been with TSB for just over a year and insists he will not be changing banks again.
To use in-person services, however, it means he will have to travel 23 miles to Chatham or 33 miles to Bluewater.
Since then, nonprofit organisations LINK and Cash Access UK have been looking into the issue.
LINK is the country’s main ATM network and Cash Access UK is funded by nine major high-street banks to provide basic services in communities.
But while they identified problems with people and businesses being able to deposit cash - a problem it has confirmed will be sorted before TSB can close - it maintains Sheerness is “not recommended” for a new banking hub.
It is understood it isn’t eligible due to the fact the town will still have Nationwide, and that some facilities will still be offered at its Post Offices and ATMs.
Last month, the Financial Conduct Authority (FCA) announced there would be changes to the way bank-deprived communities are assessed.
Sheldon Mills, executive director of consumers and competition, said: "Three million people continue to rely on cash, even as digital payments become more popular.
"Many small businesses still need somewhere to safely deposit their takings each day.
"That’s why we’ve acted quickly in response to new powers given to us by Parliament to ensure reasonable access to cash withdrawal and deposits is maintained."
From Wednesday, September 18, banks and building societies will be required to respond to residents, community organisations and representative groups who can request an assessment of whether there are gaps in cash access.
A multi-bank machine is one of several ideas being trialled by Cash Access UK.
It would be connected to the LINK ATM network and offer withdrawals, balance enquiries and PIN management.
In response to changes, a TSB spokesman told KentOnline: “New regulations require banks to keep facilities open until any additional cash services recommended by LINK are available.
"LINK has recommended a deposit solution be deployed in Sheerness so our branch will remain open until that is in place.”
Nick Quin, head of financial inclusion at LINK explained: “We visited Sheerness earlier this year and decided that people and businesses locally needed better options to deposit their cash when the TSB branch closes.
“When the branch closes, residents will be able to use the two Post Offices on the High Street as well as multiple local ATMs.”
In response, Cllr Mike Whiting (Ind), who represents Sheppey on Kent County Council, said: “My view is that this simply doesn't go far enough.
“What both organisations fail to understand is that with Post Offices closing across the Island there is nowhere for people to bank outside of Sheerness.
“They seem obsessed with the fact that Sheerness is the only town and the only centre of commerce and community. It's not.
“More people are living in Minster, for example, and thousands are living on the eastern end of the Island who don't have access to free cash.
“I think it's a serious problem. I don't think the solution they've provided or are suggesting fits the bill here. I don't think it meets the needs of the Islanders.”
Sittingbourne and Sheppey’s new Labour MP, Kevin McKenna, told KentOnline it’s something he wants to tackle.
He said: “Online banking services are simply not suitable for everyone and access off and on the Island is a particular issue that is not always understood or taken seriously by people from outside the area.
“It’s important that we have a range of banks and building societies and residents aren’t forced to travel miles to their local branch or switch providers – problems as I say that are massively increased given the transport challenges Sheppey faces.
“I’m really pleased that the new Labour government set out its plan to save the nation’s high streets and this includes the expansion of banking hubs which would guarantee face-to-face banking.
“Access to banking services is a basic necessity and we must do everything possible to ensure that nobody is left behind because they don’t have access to technology.
“People must also be able to choose who they bank with, rather than being limited to whoever decides to provide them a service.
“I will be liaising with the Treasury to understand better the government’s plan to roll out these banking hubs and push for Sheerness to be prioritised, as well as advocating for any changes to the way banking hubs are configured to ensure that pressing local needs are met.”
TSB says it has not taken the decision to close the branch “lightly” but points to a 43% decrease in customer transactions in Sheerness between December 2019 and December 2023 as a reason for the move. This period includes the pandemic.
“People must also be able to choose who they bank with, rather than being limited to whoever decides to provide them a service.”
Mr Cunningham’s petition received 4,976 signatures and was sent to the head office.
“I’m absolutely disgusted,” he said. “I had it confirmed that it was delivered.
“I have had no correspondence with them whatsoever, not even an acknowledgement that they've received it. I don't think they gave a damn, to be honest with you.
“They don't care about the people and staff that prefer face-to-face contact, either as a customer or an employee.
“The old saying goes, why fix something that's not broken? It's going to be a sorry day when they close.”