Thousands of bank branches have close down in the past decade
Some of Britain's largest banks are set to close branches next month in another blow to the high street. Among the big names set to be affected are NatWest, Barclays, Bank of Scotland, Lloyds, and Halifax.
The anticipated closures will also affect a variety of towns and cities across the UK. Roughly 6,000 bank and building society branches have closed down since 2015. A further 1,500 branch closures were announced over the past two years with an additional 174 planned for the latter half of 2024. It is understood that out of the 45 branches set to close in August, 10 closures will result in customers being left without any nearby ones. It comes shortly after the Financial Conduct Authority announced that new rules will come into effect, obliging banks to protect customer's cash in the case of closures.
The FCA said its research found that three million people on average still rely on cash, with lower-income households disproportionately likely to be excluded from digital services and more reliant on cash. “And many small businesses still need somewhere to safely deposit their takings each day,” said Sheldon Mills, the FCA’s executive director of consumers and competition.
“That’s why we’ve acted quickly in response to new powers given to us by Parliament to ensure reasonable access to cash withdrawal and deposits is maintained.”
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