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A plea has been issued for a banking hub in Mitcham as the town prepares to lose its last remaining bank. Mitcham and Morden MP, Dame Siobhain McDonagh, has called on LINK, the operator of the UK’s banking hubs, to rethink its decision that the area is ineligible for one. Lloyds Bank on Majestic Way is due to close in January 2026, marking the end of in-person banking in Mitcham. The closure has prompted renewed concerns about access to cash and financial services for residents and small businesses. “With the closure of Lloyds, Mitcham will lose its last remaining bank – a lifeline for many local people and small businesses who rely on in-person banking,” said Dame Siobhain. “They shouldn’t have to travel to another town just to access basic financial services.” LINK is the UK’s main cash access network, responsible for connecting the country’s cash machines and assessing community needs for services such as banking hubs. The organisation reviews locations where bank branches have closed to determine whether additional cash or banking support is required. LINK’s previous assessment described Mitcham as a strong candidate for a banking hub, noting its 115 high street shops and 48,000 nearby residents. However, the town was ruled out because it fell just short of the 15-minute public transport journey-time threshold to the nearest full-service branch in Tooting. The MP’s appeal challenges the accuracy of that assessment, arguing that the 14-minute journey time recorded by LINK does not reflect reality. Local residents who tested the route themselves found the average journey took 19 minutes, exceeding the threshold. The appeal also raises concerns about accessibility at the Langdale Parade Post Office, which LINK cited as an alternative. Campaigners say the site is not suitable for elderly or disabled residents and without a hub residents will need to travel to Tooting for full in-person banking. Banking hubs have become a common way of restoring in-person banking to communities that have lost all their branches. Once opened, they provide shared counter services from all major banks and operate five days a week. In April, the Local Democracy Reporting Service reported that a banking hub opened in Coulsdon, Croydon, following the loss of its final high street bank. Supporters of Mitcham’s appeal say the same model could help local residents who depend on face-to-face banking. The appeal has been backed by Cllr Ross Garrod, Leader of Merton Council, along with local faith leaders, the Royal British Legion Mitcham Branch, the Mitcham Society, and several residents’ associations. LINK is expected to issue a response within 12 weeks. “Mitcham clearly meets the need for a banking hub, and I’m asking LINK to look again at their decision not to recommend one for our town,” Dame Siobhain said. “A banking hub would give local people and small businesses the service, security, and dignity they deserve – right here in the heart of Mitcham.” In July 2024, Clarion Housing acquired the Majestic Way site as part of its wider plans to redevelop the town centre. The parade of shops that includes the Lloyds Bank branch falls within the proposed redevelopment area and is set to be demolished, although there are currently no guarantees the parade will be rebuilt.
