Do you care that local bank branches are closing?
Discussion
Another day, another article from the BBC that Lloyds are shutting more branches. You could put any brand in there really.
Personally, I'm not that fussed that my local branch may close. I can arrange a mortgage over the phone, I can prod a few buttons on my banking app to get a loan with a personalised rate, and thesedays going into the branch just means another upsell opportunity from the clerk or one of the associates designed to pounce on you when you enter.
I get it why some are annoyed. Non tech savvy older types, those who 'only deal in cash' and such. But long gone are the days when you had a human sit you down and scope you out to see if you could afford that loan for a new car.
Personally, I'm not that fussed that my local branch may close. I can arrange a mortgage over the phone, I can prod a few buttons on my banking app to get a loan with a personalised rate, and thesedays going into the branch just means another upsell opportunity from the clerk or one of the associates designed to pounce on you when you enter.
I get it why some are annoyed. Non tech savvy older types, those who 'only deal in cash' and such. But long gone are the days when you had a human sit you down and scope you out to see if you could afford that loan for a new car.
I haven't been into a branch in years now.
Used to hate having to be questioned for minor withdrawals (under a grand) on lunchbreak and also resented the fact that the queues were mainly full of older people who could have chosen a non peak time to sort out their finances, same with the postoffice.
Used to hate having to be questioned for minor withdrawals (under a grand) on lunchbreak and also resented the fact that the queues were mainly full of older people who could have chosen a non peak time to sort out their finances, same with the postoffice.
No,
The only times I have been to a bank in the last few years are when my children gave me there birthday money and I transfer the same amount to their accounts. I am then left with a load of cash I don't want so I go to the bank to transfer it.
Last time I got stuck behind someone who was querying every transaction on their statement and another who was depositing envelopes of cash they hadn't sorted or counted. Now I just deposit the cash through the cash machine.
I applied for two mortgages last year and did not have to visit a bank once.
My bank actually called me recently to tell me the local branch was closing down, my immediate thought was "Here we go, another scam call". But it was genuine so I told them thank you, but I do all my banking online anyway.
The only times I have been to a bank in the last few years are when my children gave me there birthday money and I transfer the same amount to their accounts. I am then left with a load of cash I don't want so I go to the bank to transfer it.
Last time I got stuck behind someone who was querying every transaction on their statement and another who was depositing envelopes of cash they hadn't sorted or counted. Now I just deposit the cash through the cash machine.
I applied for two mortgages last year and did not have to visit a bank once.
My bank actually called me recently to tell me the local branch was closing down, my immediate thought was "Here we go, another scam call". But it was genuine so I told them thank you, but I do all my banking online anyway.
No problem at all. I haven’t had to use any in branch services in 7 years, and that was to transfer a deposit for a flat, which isn’t an activity I do often! Plus I’m in a city so don’t have to travel too far if my closest branch got closed and had to visit the next closest.
If you’re out in the sticks and deal with cash a great deal then I can imagine it’s a pain. Also less bank branches could lead to larger areas being without free to use ATMs, which could then have an impact on people who like cash to budget effectively, the extra ATM fees hitting them the hardest.
Less branches could also make the older/ less savvy more vulnerable to scams and fraud, easier to be duped once they come online.
For most people I imagine it’s not a problem, but it may have a greater impact on the more vulnerable. Only thing is the vulnerable aren’t very profitable... and as much as they shout about social inclusion etc, banks aren’t charities.
If you’re out in the sticks and deal with cash a great deal then I can imagine it’s a pain. Also less bank branches could lead to larger areas being without free to use ATMs, which could then have an impact on people who like cash to budget effectively, the extra ATM fees hitting them the hardest.
Less branches could also make the older/ less savvy more vulnerable to scams and fraud, easier to be duped once they come online.
For most people I imagine it’s not a problem, but it may have a greater impact on the more vulnerable. Only thing is the vulnerable aren’t very profitable... and as much as they shout about social inclusion etc, banks aren’t charities.
I care. I hardly ever go in, but when you need to it helps if it is close by.
Also there are people other than me who find it easier to deal in person and who are often limited in their mobility.
Finally - it depends where you live. If you are in a city chances are there will be a branch within a few miles. Our nearest local bank branch is a 50 mile round trip away and my nearest personal bank is an 85 mile, 1 3/4 hour drive away... There is a mobile bank but that stopped coming 18 months ago due to COVID.
Also there are people other than me who find it easier to deal in person and who are often limited in their mobility.
Finally - it depends where you live. If you are in a city chances are there will be a branch within a few miles. Our nearest local bank branch is a 50 mile round trip away and my nearest personal bank is an 85 mile, 1 3/4 hour drive away... There is a mobile bank but that stopped coming 18 months ago due to COVID.
Today I rang Lloyds to do a transaction, they kept me on hold and punted me from one dept to another for 30 mins before finally telling me I had to go to a branch to do it.
Local branch now opens just two days a week so that was out.
Went to another just as it was closing at 3, she told me to go elsewhere as the other branch shut at 3.30.
Got there and it was closed due to a power failure. 2.5 hrs completely wasted, will try again tomorrow.
Oh and they're going to charge £40 to do a transfer.
Banks =
s.
Local branch now opens just two days a week so that was out.
Went to another just as it was closing at 3, she told me to go elsewhere as the other branch shut at 3.30.
Got there and it was closed due to a power failure. 2.5 hrs completely wasted, will try again tomorrow.
Oh and they're going to charge £40 to do a transfer.
Banks =
s.I've been into my local branch maybe once in the last year or so. I got a refund cheque (I know, how outdated) so popped in to deposit. I do all my banking with the app or on the Internet. The bloke told me that I could cash cheques on my app now which I didn't realise. I decided not to queue with the pensioners and just deposited the cheque from my car.
The only other time in recent memory that I have had to go into a branch was to sort out closing my parents bank accounts after they passed away. I suppose that could probably be done by post.
I'd not really miss the bank in the high street to be honest.
The only other time in recent memory that I have had to go into a branch was to sort out closing my parents bank accounts after they passed away. I suppose that could probably be done by post.
I'd not really miss the bank in the high street to be honest.
Om said:
I care. I hardly ever go in, but when you need to it helps if it is close by.
Also there are people other than me who find it easier to deal in person and who are often limited in their mobility.
Finally - it depends where you live. If you are in a city chances are there will be a branch within a few miles. Our nearest local bank branch is a 50 mile round trip away and my nearest personal bank is an 85 mile, 1 3/4 hour drive away... There is a mobile bank but that stopped coming 18 months ago due to COVID.
As above.Also there are people other than me who find it easier to deal in person and who are often limited in their mobility.
Finally - it depends where you live. If you are in a city chances are there will be a branch within a few miles. Our nearest local bank branch is a 50 mile round trip away and my nearest personal bank is an 85 mile, 1 3/4 hour drive away... There is a mobile bank but that stopped coming 18 months ago due to COVID.
Money makes the world go around, and as such, the government should be legislating to ensure a minimum standard for banks to offer that is deemed acceptable in the public interest. (assuming they have not? As I know they do need to have minimum ATM's available but don't think it extends to branches).
Edited by hyphen on Wednesday 23 June 16:52
My wife works for Lloyd's and manages 6 branches (non affected by this announcement), but since the pandemic began they've never closed (unless there was a Covid issue), they reduced hours, but that's pretty much back to normal.... however foot fall simply hasn't returned anywhere near pre-pandemic levels.
A lot of the staff from what I understand have moved to remote roles, which keeps them in a job at least but it's clear times are changing.
There will probably be another shake up at some point, moving branches into pods or such like if the foot fall continues as is or worsens, buildings cost a lot plus all of the kit, security involved if the demand isn't there it's only a matter of time.
A lot of the staff from what I understand have moved to remote roles, which keeps them in a job at least but it's clear times are changing.
There will probably be another shake up at some point, moving branches into pods or such like if the foot fall continues as is or worsens, buildings cost a lot plus all of the kit, security involved if the demand isn't there it's only a matter of time.
I have banked remotely since 1995, with First Direct, aside from paying in cheques.
Recently I had a couple of substantial cheques to pay into my account, over the online limit, so went to my local HSBC to pay them and found that it was closing a few days later.
It's not a big problem for me, but my mother doesn't, can't and never will use online banking and it does seem that the options for such people are virtually zero.
We all know most banks and other online services are a baffling maze of press this or that now designed, it seems, to make you give up in frustration, so that's not really an option either.
I would say, though, that (so far) First Direct have remained true to their telephone banking ethos of having a person answer the phone and able to deal directly with the vast majority of issues you may have.
I usually bank via the app or website, but was impressed that their system was still as refreshingly personal and simple as it had been back in 1995!
M
Recently I had a couple of substantial cheques to pay into my account, over the online limit, so went to my local HSBC to pay them and found that it was closing a few days later.
It's not a big problem for me, but my mother doesn't, can't and never will use online banking and it does seem that the options for such people are virtually zero.
We all know most banks and other online services are a baffling maze of press this or that now designed, it seems, to make you give up in frustration, so that's not really an option either.
I would say, though, that (so far) First Direct have remained true to their telephone banking ethos of having a person answer the phone and able to deal directly with the vast majority of issues you may have.
I usually bank via the app or website, but was impressed that their system was still as refreshingly personal and simple as it had been back in 1995!
M
I regularly get cash and cheques to pay in for my shop and am 3 miles from the local main town where last week HSBC have just closed the branch,
All I do now is walk across the road to the post office, give them the cash which goes into my account straight away and any cheques get put into an envelope and then a few days later the money is paid into our account, cheques under £500 I scan on my phone.
It is so much simpler and quicker and no paying a parking fee.
I always time it for just before the schools kick out so all the parents are busy
All I do now is walk across the road to the post office, give them the cash which goes into my account straight away and any cheques get put into an envelope and then a few days later the money is paid into our account, cheques under £500 I scan on my phone.
It is so much simpler and quicker and no paying a parking fee.
I always time it for just before the schools kick out so all the parents are busy
Freakuk said:
My wife works for Lloyd's and manages 6 branches (non affected by this announcement), but since the pandemic began they've never closed (unless there was a Covid issue), they reduced hours, but that's pretty much back to normal.... however foot fall simply hasn't returned anywhere near pre-pandemic levels.
Have they changed their hours till 10-4 and guarded the door with a hostile mask nazi barking orders and telling you to do your transaction online? A bank is the last place I want to visit whilst this is going on. They’re awful.Banks have the incredible privilege of creating money from nothing and loaning it out for interest. The least they can do is keep their branches open to provide a public service for Doris and keep a few people gainfully employed.
NickCQ said:
vulture1 said:
You know if one bank keeps branches it could be a business masterstroke sucking up all the customers that dont want to switch or change. Not like the buildings cost them much compared to their turnover etc.
Doesn't seem to be going great for Metro Bank.
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