CITY A.M. report a leading charity for older people has criticised the latest tranche of bank branch closures, saying it is making banking “really difficult.”

Responding to news that Lloyds and Natwest groups would be shutting a further 81 branches this year, Age UK have urged the government to introduce regulation to compel banks to have in-person services, while passing laws which ensure in-person services are available.

This comes after more than 200 branches had already been lined up for closure, with both saying a dramatic decline in usage of physical branches, and an upsurge in the use of apps and online banking, had driven the changes.

According to Age UK’s Director Caroline Abrahams, less branches mean more difficulties for older people, who tend to be less technologically savvy, or who set up their accounts before the switch to online banking.

She said:

“Every week we seem to hear of another round of bank branch closures, and it’s making life for older people who don’t want to or can’t bank online really difficult.

“Closing a branch saves a bank money, but it’s not what many older people want or need, having been quite happy with banking face to face throughout their lives.

“Although our Government is taking steps to guarantee access to cash, it needs to go further to truly help those people who rely on physical or telephone banking services.”

Full article:

CITY A.M. - Mass bank branch closures making life for retired Brits ‘really difficult’ as Age UK calls for regulation and law changes

Age UK is a member of the Rural Services Network. You can find out more about them at this link.

RSN Comment: In addition to the points raised by Age UK around the ageing population and access to banking, reducing bank branches also makes it more difficult for those in rural areas with poor broadband or mobile telephone signal to access banking services.  This can leave rural residents at a disadvantage when needing to manage their finances. Poor public transport in rural areas to access any remaining branches which may be located further away can compound the problem.  

Rural residents should not be disadvantaged in accessing key services such as managing their finances and access to banking services.