Customers of traditional banks are facing a wave of branch closures as five major financial institutions have announced plans to shut down multiple branches. Lloyds, Halifax, NatWest, and other big players are set to cease in-person services in several locations over the next few weeks, with a total of 11 closures scheduled for this week alone.
NatWest customers will bid farewell to branches in Abingdon, Birmingham, New Market, Willerby, and Yate as part of this week’s closures. Meanwhile, Halifax is shutting down branches in London Clapham Junction, Rhyl, Erdington, Cirencester, and Walkden, while the Lloyds branch in Leeds Armley is also on the chopping block.
The banking industry cites the increasing reliance on online and mobile banking apps as a reason for the closures, making it challenging to justify the operation of physical branches. However, many customers and small businesses still heavily depend on their local branches for day-to-day banking needs.
Recent statistics from Which? reveal that over 6,400 bank and building society branches have closed since 2015, with an average closure rate of 53 branches per month. This trend signifies a significant transformation in the banking landscape, according to Which?’s deputy editor Sam Richardson.
In light of these closures, affected customers can turn to Post Office branches for basic banking services, with a network of 11,684 branches nationwide serving most towns and cities. Additionally, some areas benefit from mobile banking services, where a specially equipped bus brings banking facilities to locations without physical branch access.
If your bank branch is among those closing, you can locate the nearest Post Office branch for banking services by visiting postoffice.co.uk/branch-finder. For more information on mobile banking options, contact your bank directly.
