The Chingford MP said the decision has had a “detrimental” effect on elderly residents who use cash while Santander says an average of just six customers attended its service every Tuesday, reports Marco Marcelline

The Cash Access UK temporary banking hub in Station Road, Credit: Cash Access UK. Inset: Sir Iain Duncan Smith, Credit: UK Parliament

Chingford and Woodford Green MP Sir Iain Duncan Smith has criticised Santander’s decision to withdraw from the North Chingford Temporary Banking Hub.

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

The hub in Meridian House in Station Road, Chingford, consists of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

There are also private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks work on a rotating basis, so staff from different banks are available on different days.

Santander had been one of the banks that operated at the hub until September 2025, when it pulled out.

In a letter sent to Mike Regnier, the chief executive of Santander UK, the “deeply disappointing” decision was described by Duncan Smith as having had a “detrimental effect on residents and businesses… given the already limited access to face-to-face banking in the area”.

NatWest’s closure of its Station Road branch in April 2023 left the high street without any bank branches.

The North Chingford Temporary Banking Hub opened the following year, with community bankers available from Lloyds, HSBC, Barclays, NatWest, and Halifax. Santander attended for a half-day on Tuesdays, but pulled out citing low demand.

Santander said they saw an average of six customers per week, adding: “We are committed to providing services as close as possible to [Station Road]. Our full-service Loughton and Walthamstow branches are just 2.83 and 3.5 miles respectively, and Chingford Banking Hub is 4.3 miles away from the nearest Santander Local.

“Santander customers can continue to use the counter service at the banking hub, as we are a member of Cash Access UK.”

In response, Duncan Smith said: “I share residents’ disappointment that Santander’s own services will no longer be walkable, particularly for elderly and vulnerable customers who rely on accessible, face-to-face banking.

“Travelling several miles to alternative branches is not practical for everyone, and online banking is not accessible for all.

“I will continue working alongside local Conservative councillors to press for accessible, local banking provision to remain a priority in Chingford and Woodford Green while negotiations for a permanent hub continue.”

Find out more about the Station Road banking hub and its opening hours here

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