A new community “banking hub” is being set up in the New Year after several bank branches have closed down.

It follows demands by Enfield North MP Feryal Clark for better facilities and access to cash in the wake of the closures.

“Enfield was the home of the world’s first cash machine,” the MP said. “But despite this, several bank branches in recent years have closed their doors for good, leaving many people with no access to a bank.

“Granting a banking hub for the community is important, to provide the public and businesses with support to manage their money without having to travel for miles.”

She has “made the case” for banking facilities with the Link ATM cash-dispenser network which selected his constituency for one of four new banking hubs in Britain.

But the company has told Enfield Independent that it hasn’t yet found a location. Their spokesman said: “We have received a request for a hub and are in talks with Cash Access UK looking for a location, as part of a wider commitment to protect access to cash.”

Enfield will be the third community banking hub in London, following Welling which opened earlier this month and Acton.

Banking hubs are a shared banking space similar to a traditional bank branch, but available to everyone. 

They have a counter service with Post Office staff where customers of any bank can withdraw and deposit cash, pay bills and carry out transactions.

There are private spaces as well, where customers can speak to staff from their own bank for more complicated matters. Staff from different banks are there on different days.

Communities without banks can contact Link and ask to be assessed for a banking hub.

Link Banking’s boss Chris Ashton said: “Enfield has a busy high street with plenty of independent shops, yet all the banks have closed in recent years.

“Travelling for those who rely on cash and face-to-face banking is not always convenient or possible.”

The hub will be run by Cash Access UK not-for-profit company which is to hold public consultations to start looking for a potential site to open in the New Year.