Blank closure ‘massive blow’
THE NatWest banking chain has announced it will close its branch in Pencoed in June next year, leaving the town without a single bank. It’s being called a “massive blow” to customers.
IT has a population of more than 9,000 people and continues to grow, but Pencoed will be left without a single bank after NatWest leaves.
The town’s last branch is scheduled to close in June.
The decision has been dubbed “a massive blow to customers” by politicians.
It’s also led to a call for high-street banks to explore a new community banking model, which would see them share premises and facilities.
Pencoed, a popular commuter town, lies within the constituency of Ogmore MP Chris Elmore and Ogmore AM Huw Irranca-Davies.
The pair have said they are arranging a meeting with NatWest “as a matter of urgency to discuss our deep concerns with this move”.
NatWest branches in Porthcawl and Maesteg are also due to close in May and June. The bank has blamed the rise in popularity of online banking. It also said that transactions in NatWest Pencoed have reduced by 12% since 2012, with only 65 customers visiting the branch on a weekly basis.
Maesteg also lies in the Ogmore constituency.
In a joint statement Mr Elmore and Mr IrrancaDavies said: “Natwest’s decision to close two branches in both of the largest towns in our constituency is a massive blow for customers and local businesses.
“This decision shows a neglect for communities across Wales in that it will force customers to travel many miles to access local services. It is simply unacceptable.
“We are arranging a meeting with Natwest as a matter of urgency to discuss our deep concerns with this move.”
Councillor Alex Williams, the independent member for Penprysg in Pencoed on Bridgend County Borough Council, said the closure of the town’s last-remaining bank could have a “potentially serious affect”.
“Online facilities don’t necessarily replace overthe-counter facilities for the elderly and disabled,” he said.
“A community banking model needs to be explored where all banks come together, although the Financial Conduct Authority regulations need to be in place to ensure they can share premises.”
Caroline Evans, shop manager at The Party House in Pencoed, said branch closures had already forced them to switch to online services.
“Because there’s no branches left we had no choice in the matter,” she said.
“I think there will be older people who will be affected. A lot of people just wouldn’t know where to find a branch.”