3,000 bank branches closed in four years
NEARLY 3,000 high street bank and building society branches have closed in the past four years, research revealed yesterday.
More than 750 branches have closed or are due to close this year, says consumer group Which?
Cashpoint machines are also disappearing at a rate of 250 per month.
This adds to fears that many older customers will be left without access to vital banking services.
Jenni Allen, managing director of Which? Money, said: “The rate at which freeto-use cashpoints are closing is alarming.
Isolated
“Plastic cards may have overtaken cash as the most commonly used payment method but 2.7 million British adults rely almost wholly on cash.
“We are worried that these people, many of whom may be elderly or have mobility issues, will be left behind as banks and cash machines disappear.”
David Clarke, head of policy at campaign group Positive Money, said: “News that cash machines are disappearing at a record rate, including many in isolated areas, is deeply concerning.
“These closures risk leaving whole communities without access to cash.” The number of bank closures soared last year when 879 branches shut their doors for the last time – compared with 636 the year before.
Caroline Abrahams, charity director at Age UK, said: “Closing branches cuts costs for the banks.
“But it is at best an inconvenience and at worst a serious blow for the millions of older people who are not online. It is essential that older people can continue to make and receive payments in a way that is safe, convenient and affordable.
“Our banks need to live up to their responsibilities to them.
“As it is, bank branches are often closing with no alternatives in place to help older people continue to carry out routine banking activities in their community, and this is just not good enough.”
George McNamara, director of policy at charity Independent Age, added: “With increasingly large distances between bank branches, this can cause difficulties for customers who rely on public transport.
“Banks must ensure that all customers can access services, advice and offers using their preferred method of communication, whether that be over the internet, on the phone or in person.”
The analysis by Which? recorded a total of 2,961 banks that have closed or are due to close between the beginning of January 2015 and the end of January 2019.
This included more than 1,000 branches in the RBS Group, 440 belonging to HSBC, 538 in Lloyds Banking Group and 249 Barclays branches.