THE CRITERIA that would make Ilminster eligible for a banking hub would appear to have changed in favour of the town, the town council said.
The authority had a meeting with Link and Cash Access UK to discuss a new application.
Ilminster Town Council said the meeting provided “an invaluable opportunity” to gain more information, but admitted the issue remains “complex”.
A spokesperson for Ilminster Town Council said: “The town council had another meeting with Link and Cash Access UK to understand the new bank hub criteria and discuss a new application.
“It was an invaluable opportunity as we gained a lot more information regarding applying for a banking hub than we had before.
“The legislation changed on 18 September, and Link and Cash Access UK are now regulated by the FCA, and the eligibility criteria would appear to have changed in Ilminster’s favour, although it is complex.
“Therefore, officers have sent in an application form with the additional information requested.
“Please be patient as this process can take up to 12 weeks.
“If it’s a borderline case, they will come to Ilminster and talk to local residents and businesses to gain further information about the problems everyone has faced since the closure of Natwest and Lloyds.
“In the meantime, please keep checking the town council’s Facebook page and website for further updates.”
The town council has been looking at ways to keep the local branch open, or at the minimum, plead with the banks to install a banking hub in town since Lloyd's Bank - the town's last bank - announced its closure date of August 14, 2024 earlier in March.
Earlier this year, Link, who administer the locations of banking hubs, stated that Ilminster does not qualify for a banking hub due to less then 7,000 people living within a kilometre of the town centre, and less than 70 retail business being situated within the same radius.
Back in April, Adam Dance, then the Lib-Dem parliamentary candidate for Yeovil, asked the banking group to reconsider the closure of the Ilminster branch.
The Yeovil MP at the time, Conservative Marcus Fish, was also asking for a banking hub.
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