MORE details of a banking hub set to open in Cowdenbeath next year have been revealed.

The facility comes after a decision to shut the Bank of Scotland branch in High Street which is the last bank remaining in the town.

LINK, the UK’s cash access and ATM network, has confirmed a banking hub will be created as part of a wider commitment to protect access to cash.

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

READ MORE: Times readers react to Bank of Scotland branch closure

The hub will consist 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.

In addition, there will be 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 will be working on a rotating basis, so there will be staff from different banks available on different days.

To date, LINK has recommended 146 banking hubs, including 21 in Scotland.

There are currently 60 banking hubs up and running in the UK.

READ MORE: MSP writes to Bank of Scotland over branch closure

The new hub will be operated by Cash Access UK who, over the next few weeks, will begin to engage with the local community and start to look for potential sites.

It is expected that service will likely open in around 12 months’ time.

Chris Ashton, Chief Commercial Officer, LINK: “We’re pleased to recommend this new hub in Cowdenbeath. Many people locally still need cash, and this hub will play a crucial role in helping them access it on the High Street.

"We’re determined to make sure that, as we all choose new ways to pay, people who use cash in places like Cowdenbeath have the benefit of a convenient, accessible location to access and deposit cash on the high street.”