Another blow for town as bank announces closure

THE latest bank closure in a South Wales town shows a “stark disregard” for the area, it has been claimed.

The most recent in a list of closures in Aberdare will see the Co-op Bank on Duke Street shut its doors for good in May.

The company said the closure is due to a “continued change in how customers choose to bank”, but Cynon Valley Assembly Member Vikki Howells has described the news as “sad”.

She said: “It is sad to see another bank go from our high street. We know that people now access their banks using a variety of methods, but for many local residents an over the counter service is not only preferable, but is their only method of accessing their money or resolving queries.

“Both as the local Assembly Member, and as a long-standing Co-op banking customer, it is disappointing that the Co-op have made no efforts to engage before making this decision.

“This shows a stark disregard for the Cynon Valley which is not in keeping with Co-op values.”

Explaining the reason to close, a spokesman for the company said a “significant number” of customers had switched to digital banking in the past year, following investment and improvements in the bank’s digital channels as part of its transformation.

He said that in the same period, transactions carried out have decreased.

The planned closure Aberdare is May 16.

Heather Lauder, chief banking operations director at company, said: “This decision has not been taken lightly and we realise this may be difficult news for some colleagues.

“However, like many banks, the proposals reflect a change in the way our customers are choosing to bank with us, which has continued to accelerate as customers increasingly undertake more of their transactions online or via contactless payments.”

It follows the recent closures of HSBC, Lloyds and NatWest, the latter having shut for good in September.

Ms Lauder said Co-op is writing to in branch dates for affected customers, and added that the closing branch is within “one mile” of a post office, where customers can make transactions.

The company has spoken to affected colleagues and is consulting with colleagues and trade unions on the proposal, and “seeking to keep job losses to a minimum” by attempting to redeploy staff to other posts.

Aberdare West councillor Ann Crimmings said: “I am very disappointed to learn of the pending closure of the Co-operative Bank branch in Aberdare.

“This closure is a particular blow when considering that it is the Cooperative Bank, an organisation aligned with the Co-operative store which was first set up in Cwmbach, and with a long history in Aberdare.

“The bank has a duty of care to its customers, many of whom do not use online banking services, and who will now be left stranded as a result of this short-sighted decision.”