Barclays has announced that it will close an additional 15 branches, bringing the total number of closures by British lenders to over 100 this year. The affected locations include sites in London, St Helens, and Bridgwater, with closures scheduled for the first week of May. This comes on top of the 15 closures already announced by the bank earlier this month.
Following Natwest’s announcement of 23 branch closures last week, as well as news of 40 planned closures from Lloyds and Halifax, consumer group Which? reports that over the past eight years, over 5,000 bank branches have been lost.
The decline in cash use and the convenience of online transactions has led to a decrease in branch visits by account holders, which has prompted these closures. Lloyds revealed that the number of customers visiting the branches it plans to close has dropped by an average of 60% over the past five years. However, this move has negatively affected elderly customers who prefer traditional banking and brick-and-mortar visits, as well as small businesses that need to deposit cash. It has also made it more difficult for customers, especially in rural areas, to set up accounts and carry out significant transactions as the number of branches dwindles.
Jenny Ross of Which? emphasizes the importance of new legislation to protect access to cash for those who rely on it. She calls for the government to guarantee minimum levels of access without fees and grant the Financial Conduct Authority powers to oversee the cash system to ensure it meets the needs of communities.
A spokesperson for Barclays acknowledges the changing behavior of their customers, with the majority now choosing online banking. The closures are part of their adaptation strategy, focusing on investing in excellent customer service and digital technology. However, they are committed to maintaining a presence in local communities by offering alternative options for in-person support. These include Barclays Local sites in libraries and community centers, bank pods, mobile vans, cashback without purchase service, shared banking hubs, and everyday banking at the Post Office.
In the past, banks pledged not to close branches if they were the last one in town, but many have abandoned this promise.
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