Lloyds, Halifax, NatWest, and Bank of Scotland to shut 113 branches
Dates are yet to be confirmed for the closures of a further eight NatWest branches. The Lloyds Banking Group in January cited the closures on customers moving away from banking in person to using mobile services.
The move came weeks after the finance firm shook up its business to allow customers of Lloyds, Halifax and Bank of Scotland to use stores across any of its brands.
In the wake of the Horizon IT scandal, the Post Office is also planning to close 115 branches, leaving many communities with nowhere to access their money or discuss financial issues in person. And Jenny Ross, money editor at consumer group Which?, said: 'Schemes introduced by the banking industry to protect these services, such as banking hubs, are a good start in plugging gaps left by closing physical branches, but they must be rolled out much more quickly if consumers are to feel their benefits.
'The government must hold banks' feet to the fire to ensure the commitments they've made to set up 350 hubs by 2029 are met - and should be prepared to review the target upwards if necessary.' While many people now use their bank's app or telephone banking to manage their cash, there remains a large proportion who are unable to do so.
According to charity Age UK, only 14 per cent of those aged 85 and above bank online, - with 58 per cent relying on face-to-face banking. The ongoing wave of branch closures has triggered fears that elderly, isolated people risk being hit hardest.
Bank bosses have been accused of 'engaging in a race to close branches', which resulted in the Financial Conduct Authority (FCA) introducing measures to ensure a 'reasonable provision of cash deposit and withdrawal services' last year. NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,428 branches since January 2015 - the most of any banking group, research by Which? revealed.
Lloyds Banking Group was hot on NatWest Group's heels, however, shutting down 1,243 locations over the same period. Which? also reported that Barclays was the individual bank that has most dramatically decreased its branch numbers, with 1,228 branches now closed over the last nine years.
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