A bid for a banking hub in Wokingham has been rejected for the second time.

Businesses, councillors and residents alike have been long calling for a banking hub for the town after multiple high street branches closed their doors in recent years.

A hub offers basic services and access to cash for a variety of branches and has staff members available to help customers in person.

A total of 81 have now cropped up around the country, many of which are provided by company provider Link.

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Wokingham Borough Council first applied for a hub in 2023 but had plans rejected as Link said there were enough bank services already available in the town.

A second application was made in September by former Town Mayor Lynn Forbes after a rule change prompted fresh hopes.

Now, a hub can open even if there is another operator in town.

But despite this rule change, the company refused the application for a second time, arguing that the town has ‘adequate cash services for consumers and local businesses in the community’.

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There are enough banks within a one-mile radius to the town centre including HSBC, Nationwide and the post office, the assessment ruled.

It comes despite other banks including Nat West, Barclays and Lloyds TSB all shutting their doors in recent years.

Rising cost of upkeeping offices and people using online banking, paired with lower cash use across Britain, have contributed to the closures.

MP for Wokingham Clive Jones said he was ‘disappointed’ at the decision.

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He told the Local Democracy Reporting Service: “Wokingham is the prime location for this kind of service, so I think it’s a real shame that Link has declined to invest such a mutually beneficial arrangement.”

The Liberal Democrat has met with representatives from the company to discuss ‘next steps’.

Nick Quin from Link said that the provider looks at a ‘whole range of factors’ in deciding whether a banking hub is needed in a particular area.

This includes how many people rely on it, how many shops there are, and how many people must travel to alternatives.

Link will continue to monitor the situation in Wokingham, and review its decision, if necessary, the company said.

Mr Jones continued: “I hope that we can keep the door open to the possibility of a banking hub in Wokingham in the future.”