- Author, Ellen Knight
- Role, BBC Radio Shropshire
Businesses have expressed their frustration after the closure of a town’s last remaining bank was announced.
Among other concerns, business owners said the loss would have an impact on footfall as people travelled to other towns for banking services.
TSB said the 36 closures across the UK were a result of fewer customers using branches as more people turn to online banking.
Speaking to BBC Radio Shropshire, Sharron Marriot from Make Your House a Home in Whitchurch, said she was “really cross” at the news of the closure.
“When they close, we will have lost five banks in the town. We’re losing a lot of people coming into town because there’s no bank,” she said.
“If they need a bank, they might go to Nantwich or Shrewsbury or Chester, so we’re losing footfall.”
Gemma Young, who runs Pole Power fitness studio, said she relied on TSB to ensure she had cash for her business.
She said she already had to switch banks as a result of her previous one leaving the town.
Reacting to the news of TSB’s closure, she said: “I was really upset. From a personal perspective, I’ve moved from bank to bank so I could get cash for the business.”
Lee Jones, who works at the Antiques Emporium, said the business had no card machines and relied on having access to cash.
“It’s shocking news. It’s extremely detrimental to Whitchurch,” he said, adding: “It’s going to affect all the businesses in the town.”
Following the announcement, cash machine network Link confirmed that a new banking hub would be opening in Whitchurch.
The hubs are shared banking spaces similar to traditional banks where people can withdraw or deposit cash, make payments and carry out transactions.
Nick Quin, head of financial inclusion at Link, said: “Many people are still reliant on cash, so it is essential that we protect access to cash and basic banking for towns across the UK.”
According to figures from TSB, 96% of transactions take place outside of branches, with those carried out in-branch falling by 43% over the last four years.
A TSB spokesperson said: “The decision to close a branch is never taken lightly, but our customers are now doing most of their banking digitally and we need to move to a better balance of digital and face-to-face services.”
