Banking

Map shows every bank closing in London as 1000th UK local branch shuts in space of a year


The UK’s big banks are about to shut down their 1,000th local branch since they launched a scheme to protect access to cash and face-to-face financial services last year. Under a voluntary agreement, the banks began assessing the impact of every branch closure from February 2022 as part of a commitment from the major banking groups to “ensure that no community is left without the cash access and deposit services it needs”.

The LINK initiative was aimed to ensure vulnerable customers and small businesses were not left behind in the switch to cashless payments and virtual banking. Since then hundreds of High Street branches have been shut down, with banking hubs or free ATMs set up in areas left without any local bank.




Less than two years into the scheme, the 1,000th local bank will be closed next month, when Virgin Money shuts its Reading branch on November 15. A further 150 branches are also scheduled to close down before the end of 2023.

READ MORE: New interactive map shows all the places where banks are closing in London

Much of banking has moved online in recent years(Image: Getty Images)

The wave of bank branch closures has affected every part of the UK, with a total of 978 in England, plus another 81 in Scotland, 65 in Wales, 25 in Northern Ireland, and one in Isle of Wight.

Around a third of these closures (323) are in areas which have no alternative banks remaining, meaning customers will have to go online or travel to other locations to access financial services. All the major banks have agreed to take part in the LINK initiative, including Barclays, HSBC, Natwest, Lloyds and Halifax. You can see which banks are closing or have closed in your area using our interactive map below.

A spokesperson for Virgin Money said: “The decision to close a store is never taken lightly. But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in store and adopting the convenience of digital banking, we must respond to that evolving demand. We are proactively providing enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.”

Nick Quin, Head of Financial Inclusion, LINK said: “As more people choose to bank online or pay using cash, the UK will need fewer cash machines and more bank branches will close. There are still over five million people who rely on cash and it’s LINK’s role to make sure that every high street continues to have free access to cash for as long as they need it.



Source link

Leave a Response