Boost in services for Swanage’s cash economy

Following an outcry over the closure of the last bank branch in Swanage in Dorset, a new multi-bank cash deposit machine has been installed in the town – one of only three in the UK.

Cash Access UK, the organisation set up to protect nationwide access to cash, is trialling the new ATM outside the Co-op on Kings Road, which can provide cash and crucially, free cash deposit services for businesses, 24 hours a day, seven days a week.

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Coop cashpoint

Only one of three in the UK – a new multi-bank cash deposit machine has been installed outside the Co-op

Available to customers of all major banks

The deposit machine, which has been set up in partnership with financial access company NCR Atleos, is connected to the LINK ATM network, offering easy access to cash services such as withdrawals, balance enquiries, and PIN management to customers of all major banks.

It also offers free cash deposits to customers of Barclays, Bank of Scotland, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank with more banks to be added soon.

So far only three of the machines have been installed in the UK but at least 16 are planned as part of a trial to see if they are popular.

Lloyds bank on last day before closure

Lloyds Bank was the last bank to close in Swanage in September 2022

Inside Lloyds Bank on last day before closure

The shutters came down for a final time ending Lloyds Bank’s 126 year history in the town

The last bank branch closed in Swanage in 2022

When the Lloyds Bank branch in the High Street closed after more than a 100 years in September 2022, it left only Nationwide Building Society and the Post Office in Swanage for face to face financial transactions.

Since then, following requests from Swanage Chamber of Trade and the town council, Cash Access UK has provided the Post Office in Institute Road with a new machine for financial transactions allowing it to provide most of the services of a high street bank, alongside its normal Post Office business.

At the Post Office, retail and business customers from the major banks can withdraw cash, deposit cash, make a balance enquiry and deposit cheques, while business customers can also get change for their tills.

This is similar to a banking hub but staffed by Post Office employees rather than representatives from the major banks.

The main advantage of the new multi-bank cash deposit machine is that cash can be deposited outside normal banking hours, which is useful for any business wishing to deposit its takings at the close of trading on a Saturday evening.

LINK, the UK’s cash access and ATM network, has recommended ‘deposit solutions’ in locations such as Swanage, where there is a lack of cash services for business banking customers.

Swanage Post Office

The Post Office in Institute Road can now offer major bank customers most banking services

“Vital for cash reliant UK consumers”

CEO at Cash Access UK Gareth Oakley said:

“Access to deposit-taking ATMs is vital for cash reliant UK consumers struggling to access basic banking services and it’s just as important that businesses who accept cash, can bank it too.

“We’re pleased to be able to bring this service to residents and local businesses in Swanage.”

Swanage Post Office

A friendly face at Swanage’s town centre Post Office can provide more than a machine

“Cash is important to our local economy”

In Swanage, while many increasingly use credit and debit cards as well as their phone to pay for goods and services, there’s still a demand for cash to be accepted, with many not able to, or wishing to use online transactions.

Cash remains an important part of the payments mix for many consumer-facing small businesses and their customers, and is especially important during the peak holiday season for a seaside town like Swanage.

Postmaster Liam Searle who runs the Post Office in Institute Road said:

“It’s a positive step for Cash Access UK to set up a multi-bank cash deposit machine in Swanage – anything that helps locals, businesses and visitors to be able to use cash is a good thing.

“Cash is important to our local economy with many holidaymakers and others, using cash to keep to a spending budget.

“There’s so many festivals and events in Swanage, where people expect to be able to pay for drinks and ice creams with cash, and businesses need to be able to easily deposit their takings.

“While I’m sure the addition of the deposit machine is useful to the town, I’d like to remind all our businesses that they can still deposit cash at our Post Office between 9 am to 5 pm, from Monday to Saturday.

“Our staff are great and very friendly, so not only do you get to chat to a real person but they can answer any queries as well – providing a much more personal service than a machine!”

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