Latest news with #bankclosures
The Sun
2 days ago
- Business
- The Sun
Major bank to close 23 more branches this month in huge blow to UK high streets
A MAJOR bank is set to close 23 branches this month, as British high streets struggle to survive. The first round of Santander's closures is underway, after the bank announced in March of this year that they would be shutting at least 95 sites nationwide. 2 They cited the reason for the closures as customers moving increasingly online, reducing the need for in-person services. A statement on its website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." However, there are concerns about the impact these closures could have on vulnerable people with limited access to online facilities. Charities like Age UK are campaigning to maintain some in-person banking options, with 4 million older Britons unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' The only alternative is 'Banking Hubs' which have been launched to give customers access to cash and services, regardless of which bank they are with. In addition to the 95 closures countrywide, Santander will also be making changes to surviving branches. This includes reduced opening hours, converting some to 'counter-free' businesses, and opening work cafes. These 'work cafes' provide free co-working spaces, bookable meeting rooms and banking facilities, available to anyone, even if you aren't a Santander customer. Santander's £130 Million Recovery: What You Need to Know The closures are part of a wider financial shift in which banks are prioritising online services. According to consumer group Which?, more than 6,300 bank and building societies have closed since January 2015. This averages out to 53 store closures per month. 2 Other major banks have also made the decision to close a number of branches, with 102 set to close across different banks this month. This includes major providers like Lloyds, Natwest and Halifax, in addition to Santander's closures. Meanwhile Nationwide has promised to keep its nearly 700 branches open until the start of 2028 as they claim more customers are visiting their stores. Santander is set to close even more stores over the coming months, with the dates of 18 branches still yet to be announced. Reduced hours will come into effect on June 30, with 36 stores affected. Here is the full list of June closures: Aberdare - 24 June Arbroath - 17 June Blackwood - 23 June Brecon - 25 June Clacton - 16 June Cleveleys - 23 June Croydon 128 NE - 16 June Dungannon - 23 June Eltham - 23 June Fleet - 30 June Gateshead Metro - 16 June Glasgow LDHQ - 24 June Glasgow MX - 23 June Greenford - 24 June Kidderminster - 18 June Kilburn - 17 June Launceston - 16 June Louth - 17 June Magherafelt - 24 June Musselburgh - 30 June Peterhead - 16 June Portadown - 30 June Swandlincote - 30 June Torquay - 17 June
The Sun
02-06-2025
- Business
- The Sun
Major British bank with 23million customers is axing NINE branches in just days – is one going near you?
HIGH streets are set to lose nine bank branches this month as a pooular banking group is making a series of closures. The shutdowns are set to take place over the coming days, and could affect millions of customers. 1 The bank currently has 614 branches across the UK, but more closures are imminent. Halifax, which is part of Lloyds Banking Group, will close nine bank branches between June 2 and June 5. This marks the latest phase in the bank's ongoing review of its branch network. It is scheduled to close a total of 61 branches by March 2026. The first three branches in the current round of closures will close on Monday, June 2. The first affected locations are Felixstowe, Gainsborough, and Kingsbury. A further five closures are expected later this month, with additional branches across the country set to shut their doors in the coming weeks. The decision comes after an increased numbe of customers opt for online and mobile banking services. Halifax explained that the affected branches have experienced a steady decline in footfall in recent years. The banking sector has responded to changing customer behaviour, as more people choose digital banking options over traditional branch visits. Fresh wave of bank branches set to close for good in June "Over 20 million customers are using our apps for on-demand access to their money, and customers have more choice and flexibility than ever for their day-to-day banking," a Halifax spokesman said. The bank added that customers retain access to multiple banking channels beyond the closing branches. "Alongside our apps, customers can also use telephone banking, visit a community banker or use any Halifax, Lloyds or Bank of Scotland branch, giving access to many more branches," the rep said. Halifax customers can also conduct everyday banking at over 11,000 Post Office branches and have the option to visit a Banking Hub for their banking needs. The nine Halifax branches closing in the coming days are spread across England and Wales. What Halifax branches are closing this month? Felixstowe - June 2 Gainsborough - June 2 Kingsbury - June 2 Horsforth - June 3 Launceston - June 3 Letchworth - June 3 Bournemouth - June 4 Leek - June 4 Mold - June 5 On June 3, three more branches will shut in Horsforth, Launceston, and Letchworth. While two additional closures are scheduled for June 4, affecting branches in Bournemouth and Leek. And the final closure of the week will take place on June 5 in Mold, Wales. Lloyds have also announced a series of closures, with 18 branches affected.
Daily Mail
28-05-2025
- Business
- Daily Mail
Major US banks close 36 locations in just three weeks
Advertisement Major banks have closed 36 locations across America in just three weeks, as experts warn communities are being stripped of vital local services. Between April 26 and May 15, major lenders including Santander, US Bank and Wells Fargo were among the eight banks to notify the Office of the Comptroller of the Currency (OCC) of planned closures. Banks are required to alert the OCC before shutting down a branch and the agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. In the three week period, Santander said it would 28 locations — far more than any other institution. Community Bank was next at five local branches, US Bank four, and Wells Fargo three. The remainder was made up by Bank of America, Capital One, Flagstar and Key Bank. New York was the worst hit state, losing ten local bank locations. Massachusetts was also hit with six closures and Pennsylvania, five. In 2024, banks closed a total of 1,043 branches nationwide and the trend has only accelerated in 2025 with 272 closures already logged in the first quarter alone. New research also recently revealed that the last physical branch could close in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. 'Retail bank closures in the US aren't slowing,' Darren Kingman (pictured) from Root Digital told 'The last time this many people shared a local branch was in 1995' he explained. Kingman warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey also found 45 percent of Americans still prefer in-person banking. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained.
Daily Mail
27-05-2025
- Business
- Daily Mail
Major US banks close 36 locations in just three weeks...is YOUR branch at stake?
Major banks have closed 36 locations across America in just three weeks, as experts warn communities are being stripped of vital local services. Between April 26 and May 15, major lenders including Santander, US Bank and Wells Fargo were among the eight banks to notify the Office of the Comptroller of the Currency (OCC) of planned closures. Banks are required to alert the OCC before shutting down a branch and the agency then publishes the filings in a weekly report. Scroll down to see the full list with addresses. While the listings indicate intent to close, they are not final confirmations. In the three week period, Santander said it would 28 locations — far more than any other institution. Community Bank was next at five local branches, US Bank four, and Wells Fargo three. The remainder was made up by Bank of America, Capital One, Flagstar and Key Bank. New York was the worst hit state, losing ten local bank locations. Massachusetts was also hit with six closures and Pennsylvania, five. In 2024, banks closed a total of 1,043 branches nationwide and the trend has only accelerated in 2025 with 272 closures already logged in the first quarter alone. New research also recently revealed that the last physical branch could close in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. 'Retail bank closures in the US aren't slowing,' Darren Kingman from Root Digital told 'The last time this many people shared a local branch was in 1995' he explained. Kingman warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey also found 45 percent of Americans still prefer in-person banking. Capital One has also closed locations this year 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained. 'Meanwhile, a whopping 76 percent says that the current banking system needs small or major changes.' Further to this more than half of respondents said they were concerned about the rising number of physical bank branch closures over the last few years.
Daily Mail
13-05-2025
- Business
- Daily Mail
Major bank plans to shutter 38 locations in weeks
America's seventh biggest bank will shut 38 branches in the coming weeks as it continues to roil from massive penalties related to failures in its anti-money laundering controls. TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5. Closures will include six each in New Jersey and Massachusetts, five in New York, four in New Hampshire and Maine, and three in Pennsylvania and Florida. Of the bank's roughly 1,100 branches across the US, it also plans to shutter two locations each in Connecticut, Virginia and South Carolina, and one in Washington D.C. It comes as banks are shutting branches across the US, leaving communities without access to vital services. Experts are warning that 2025 could be the worst year yet for closures. TD — ranked seventh in branch numbers and tenth in assets under management — said the closures could lead to some layoffs of branch employees, according to The Philadelphia Business Journal . The bank has been in cost-cutting mode since an investigation into its anti-money laundering compliance efforts ended in October with a $3.2 billion fine. The investigation revealed that failures in TD's compliance efforts allowed criminals to launder millions in proceeds from fentanyl and narcotics trafficking. It also found that drug traffickers were able to bribe employees in some US branches, Reuters reported. TD became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering. The plea deal also includes a rare imposition of a tight cap on its assets and other business limitations. In February, the bank also brought in former chief operating officer Raymond Chun (right) as its new chief executive officer, replacing former CEO Bharat Masrani (left). TD did not directly respond to The Philadelphia Business Journal's question asking whether the branch closures are part of the bank's cost-cutting strategy. It said the bank 'regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services.' It comes as US banks filed to shut 42 local branches in just under a month earlier this year. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. Last year, banks closed a total of 1,043 branches. The bloodbath is set to accelerate in 2025, resulting in a further 4.11 percent decrease by the end of the year, a study from Self Financial revealed earlier this year. 'Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995,' Darren Kingman from Root Digital — who worked on the Self Financial study — told 'There's no doubt we're moving towards a cashless society but this increase in people per bank branch and the fact over 200 million Americans still make cash deposits will only mean longer wait times in banks and a potentially a lower overall customer experience,' Kingman explained. Some 45 percent of Americans still prefer to carry out their banking needs in person, a separate survey by GoBankingRates found. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told earlier this year. 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained.
