Bodmin’s high street is set to become a bank-free zone from June 2024.

Lloyd’s Banking Group have announced that both the Lloyd’s and Halifax bank branches in the town will both close on June 20, 2024.

It means that the town will be left with no traditional bank branch, after the closure of Barclays, HSBC, Natwest and Nationwide in recent years.

However, it has also been announced that in place of the banks, a ‘banking hub’ will be set up in the town, bringing together services previously offered by different banks into one place, and is likely to open at the ‘end of 2024’.

LINK, the UK cash access and ATM network described a banking hub as thus: “Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

“In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.”

A spokesperson for Lloyds Banking Group said: “Following an in-depth review, this (Bodmin) branch will close on 20th June 2024.

“The world is becoming more digital than ever before and more of our customers are doing their everyday banking online. With more customers banking digitally, we've seen a fall in branch visits. Because of this, we've decided to close this branch. What this means for you - We’re still here to support you and there’s a number of ways you can do your everyday banking with us - online, on your mobile, over the phone or at a Post Office®. You can use any of our branches and the nearest alternative is the St Austell branch (Halifax), or Wadebridge (Lloyds).

“A Banking Hub is planned for this area. You'll be able to do your everyday banking there and our Community Banker will be available one day a week so you can come in and talk to us. Read on to find out more, and for a summary of our review. Following engagement with the local community, an overview of the feedback we receive will be given in our Closing Branch Review Part 2.”

Chris Ashton, Head of Banking Services, LINK: “We’re very pleased to recommend a new hub in Bodmin. Access to cash and face-to-face banking services are very important and the banking hub will be vital for local consumers and businesses.”