Banks owe us a big debt and should put service before profit
AS A treasurer for a charity, I visit a number of banks and believe closures will have a negative impact on the lives of those who rely on them for advice and for their financial needs. As a former TSB manager, I am sorry to say the banks are now putting profit before the needs of customers. In her reply to MPs over closures in their constituencies, the Prime Minister said this was a decision for banks to make on commercial grounds and it was not for the Government to intervene. This argument does not hold — surely the pressure the Government is putting on energy companies to charge fairer prices is a form of intervention? By saying it is up to the banks to do what they think best gives them a green light to close as many branches as they can to improve profitability. one justification for closures is that more of us are banking online, but many people do not use computers or don’t trust them. There is a need for financial education to provide customers with the means of operating an account properly. In a cashless society, people lose the building blocks to appreciate the need for savings, budgeting and the care that should be taken in borrowing money. The elderly, those on low incomes or who are not computer-literate, as well as charities, churches and those fundraising for good causes, will suffer. To suggest bank customers could use their post office is nonsense, as many branches have closed. Banking should be seen as service. After the financial crisis, banks owe a big debt to society. MIKE BUTLER, Gravesend, Kent. IT’S been reported 800 bank branches have closed in the past 12 months due to internet banking. I banked with the same branch for 35 years, but now it has closed, I have to take a £25 round-trip in a taxi to the nearest open branch. BRIAN McAVOY, Blackpool, Lancs.