Recent data reveals a staggering 6,000 branch closures nationwide since 2015, leaving a substantial impact on the high street and communities. The rapid pace of closures continues, with nearly 1,500 banks having either closed or announced their intention to do so since February 2022. Major banks are set to shut at least 391 branches in 2024, including closures in specific regions such as London, Scotland, the South East of England, Yorkshire and the Humber, Wales, and Northern Ireland.
This month alone, TSB announced the closure of 36 branches, while RBS and Halifax also declared the closure of 18 and 1 branch respectively. With 67 branches in London and 62 in Scotland among others, the impact of these closures is widespread. An interactive map allows you to see which banks have closed or are closing in your area.
The decisions to close branches are preceded by a thorough local analysis by the banks, focusing on the impact on the community. Both TSB and RBS emphasized the changing banking landscape, highlighting the increased demand for mobile and online services.
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Consumer group Which? has been monitoring bank closures, estimating a loss of 60% of the banking network since 2015. This significant shift has left many members of the community, particularly those reliant on face-to-face services, in a dire situation.
In response to the closures, the LINK initiative was launched to ensure that vulnerable customers and small businesses are not left behind in the transition to digital banking. Each closure is assessed to address the impact on the community, with measures such as banking hubs and free ATMs being implemented to fill the void left by the absence of local banks.