Stoke is set to lose its regional banking hub only a few years after the community fought to get it.
In 2019, after the departure of Westpac and Kiwibank branches in the suburb, Stoke residents fought to get banking services, with support from the region’s politicians.
In 2020, Labour minister Megan Woods officially opened the Stoke Banking Hub, based at John’s Pharmacy on Putaitai St. The non-branded hub is open from 9am to 5pm Monday to Friday and locals can make an appointment with one of the five banks that operate out of it.
But on Friday, New Zealand Banking Association announced that the Stoke hub was one of only two around the country that would not continue, saying a “permanent arrangement would require a disruptive refurbishment” due to the high earthquake standards banks set for its buildings.
NZBA chief executive Roger Beaumont says, nationally, the hub trial saw no significant demand for the physical services with hub usage lower than many comparable regional branches or ATMs News of the closure has been met with disappointment.
Grey Power president Sue Sara says the closure is a “shame” for the community.
“We fought so hard for this. It’s a shame we’ve lost that privacy to go and get the money without standing on the footpath with people hanging around you. For a lot of our older members, the hub was a safe space to withdraw money.”
Nelson mayor Nick Smith says he’s keen to try and find another solution.
“The closure is disappointing in that Stoke has an older population, many struggle with digital banking services and financial independence is critical to their well-being. The issues driving the closure is the building not being good enough for the high standards set by banks and some services not being well used. I am keen to explore whether a solution can be found where at least some in person services are retained.”
Nelson MP Rachel Boyack says Greenmeadows Community Centre could be a good option for the hub.
“I am very disappointed [about the closure] and expressed it to the banking association. I’ve also asked if other options could be looked at. I appreciate there are some challenges at that particular site. But I’m keen to work with Grey Power, the mayor and banking association about other options.”
She says the banks need to do the right thing for the community.
“It’s a really, really important service that gives people their independence. I do think that more needs to be done. This is not a profitably impact for their organisations, these banks make billions of dollars of profit, so having some small services that aren’t profitable but have a very big impact on a vulnerable community that it serves, should be something that they do.”
