Major UK banks continue to close branches, citing a decline in customer footfall. The latest wave of closures will impact over 120 branches across the country, raising concerns about access to cash services for vulnerable populations.
Major banks, including Lloyds and Halifax, have announced plans to close an additional 120 branches next year, dealing another blow to UK high streets. Lloyds has scheduled the closure of 51 branches, while Halifax will shut down 46. Bank of Scotland is set to close 16 sites, TSB seven, and Barclays six. The closures are planned to take place from January through to September next year.
Data from Which? reveals that banks and building societies have closed a staggering 6,214 branches since January 2015, averaging around 53 each month. Banks attribute these closures to a decrease in customer footfall, as more people turn to online banking for everyday services. However, charities and organisations have expressed concerns that excessive bank closures could leave the elderly and vulnerable without access to essential cash services. If your local branch is closing, basic cash or counter services can be carried out at your nearest Post Office - for instance, you can deposit cash and cheques, withdraw money, and check your balance, reports the Mirror. Most major banks also operate pop-up branches or vans, and there are banking hubs opening across the UK. These hubs are shared spaces on the high street, with each bank taking turns to occupy the space each day
BANK CLOSURES ONLINE BANKING HIGH STREET UK ECONOMY ACCESS TO CASH
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