'Impact can be disastrous': Over 6,000 bank branches closed in last nine years
More than 6,000 UK bank branches have closed their doors in the past nine years, according to Which?
The number equates to over 60% of the bank branch network since the firm began tracking closures in 2015.
Eight Barclays branches are due to shut their doors today taking the total number of closures to 6,005.
The consumer group said the milestone shows the impact this "avalanche" of closures has had on our high streets and why replacement services are needed for the millions who rely upon them.
Which branches have closed?
Barclays has closed 1,216 branches
NatWest Group (NatWest, Royal Bank of Scotland and Ulster Bank) has closed 1,360 branches
Lloyds Banking Group (Lloyds Bank, Halifax and Bank of Scotland) has shut 1,146 sites
Are more bank branches scheduled to close?
200 branches closures are scheduled for the rest of 2024
24 more bank branch closures have been scheduled for 2025, although more are expected to be announced later this year and next
Millions of customers are now using digital banking, however there is still a significant number of people who are not making that move, emphasising the need for accessible alternatives, Which? said.
What replacement services can I use?
The 50th banking hub has now opened. They have a counter service operated by the Post Office, allowing customers to do routine banking transactions.
The Post Office has an agreement with several banks, allowing their customers to carry out everyday banking over its counters. Cash transactions at its branches totalled a record £3.48 billion in April.
Sam Richardson, deputy editor of Which? Money, said: “This milestone of more than 6,000 bank branch closures in just nine years underscores the seismic shift that has taken place in terms of our banking habits and the character of the British high street.
“While some may hardly notice the closure of their local branch as they seamlessly switch to online banking, for others reliant on face-to-face services, the impact can be disastrous.
“It’s not about halting closures altogether, but ensuring that essential banking services remain accessible to those who still rely on them.”
A Barclays spokesperson said: “As visits to branches continue to fall, we need to adapt to provide the best service for all our customers.
“Where levels of demand don’t support a branch, we maintain an in-person presence though our Barclays Local network, live in over 350 locations, based in libraries, town halls, mobile vans and our banking pods.
“We also support access to cash with our cashback-without-purchase service, 24-hour deposit-taking ATMs and by working alongside the Post Office and Cash Access UK.”
A spokesperson for trade association UK Finance said: “An ever-increasing number of people are using telephone, mobile and internet banking and fewer people are visiting bank branches on a regular basis. Balancing this change in the way we bank means firms have to make difficult decisions about maintaining their branches.
“The industry has invested heavily in alternative services, including thousands of Post Offices where people can do a lot of their day-to-day banking.
“Alongside this, the industry is working to roll out shared banking hubs to bring together different firms to support their customers.
“There is also significant ongoing investment to ensure access to cash, including free ATMs and cashback without purchase. If you are concerned about your local bank branch closing, please contact them and they will help you find the best alternative for your needs.”
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