High street banks shutting more than TEN branches every week, shock new research claims

DON’T BANK ON IT

Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander closures all accelerated sharply in the past two years

HIGH street bank branches are shutting at a rate of more than ten a week across the UK.

The move is saving the organisations millions but is leaving older and more vulnerable customers with further to go to reach their nearest branch.

Banks are set to shut hundreds more high street branches in a move that will see them save millions

AFP – Getty

High street banks shutting more than ten branches every week, shock new research claims

More than 550 outlets are being axed by leading lenders this year, the Daily Mail reports.

These closures are on top of the more than 1,000 that have shut since 2015.

Between 2011 and 2016, the ‘big five’ lenders closed 2,809 branches between them.

Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander closures accelerated sharply in the past two years.

James Daley, of consumer group Fairer Finance, said: “Banks have to realise they have a social responsibility as well as a responsibility to their shareholders, and I think they need to hold on for longer before closing these branches.

“Bit by bit, a growing number of people are becoming financially excluded and I’m worried nobody is keeping an eye on that.”

Barclays is just one bank set to slash its branch numbers this year

AP:Associated Press

Barclays is just one bank set to slash its branch numbers this year


He added: “I would encourage the Government or regulators to look at it.”

Campaigners claim rural areas tend to be hardest hit, meaning families have to travel further than ever for vital financial services.

Santander have also shut a raft of branches over the last few years

Alamy

Santander have also shut a raft of branches over the last few years

Campaigners worry that the move could see vulnerable and elderly customers forced to travel further to find a branch

AFP or licensors

Campaigners worry that the move could see vulnerable and elderly customers forced to travel further to find a branch

Scores of country towns now have no branch at all after every lender moved out.

Banking trade body UK Finance said decisions to close branches were “never taken lightly”.

A spokesman said: “Banks are also investing in new ATMs and mobile bank branches to reach more rural communities.”


We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368 . We pay for videos too. Click here to upload yours.


 

Source

READ ---  Theresa May, Coughing and Caught by a Prankster, Endures a Speech to Forget