Bank branch bloodbath sees 1,000 close this year

HIGH Street banks have closed nearly 1,000 branches this year.

Twice as many are closing their doors this year than in 2015 or 2016, prompting fears that banks will soon vanish from the High Street altogether. So far this year, 962 branches have shut up shop, according to consumer champion Which?.

The closures picked up pace last week, when RBS-NatWest announced it was getting rid of one in four of its branches.

It blamed the 259 closures on the rise of online banking, with many customers only coming into the bank once or twice a year.

The move will leave 24 towns and villages without a bank. Consumer campaigners have branded the move as ‘heartless’ and accused the bank of abandoning older and vulnerable customers to boost profits.

Martyn James, of consumer complaints service Resolver, says: ‘Bank branches are the lifeblood of the banking network. Shutting them isn’t just a business decision, it can irreparably damage the community.

A spokesman for RBS says: ‘As customers continue to change the way they bank, we must change the way we serve them. We are investing in our popular branches and replacing other traditional bricks and mortar branches with community bankers, mobile banks on wheels, and post offices.’