Hi, wasn't sure where to post this.
For those who have bank accounts in the UK, just some thoughts on the demise of the banking industry and branch closures. I worked for both Lloyds Bank and Barclays Bank, I keep in touch with ex colleagues and they are telling me some worrying things. It was in the news again on Friday, listing the branch closures this coming year and last year. 9 branches I worked in have or will be closed. These aren't small branches in out of the way towns, but big branches in main towns. For example, Llanelli, Neath and Bridgend. Lloyds seem to be doing the same.
As some may know, Barclays closed my accounts because I live in Spain, even though I own a property in the UK, pay council tax etc..
I still have a Santander account in Uk.
I'm telling my family to switch to Nationwide. £200 paid to switch to them and savings account pays 8% interest.
Hey ho. The rich are getting richer, no surprise there.
I'm not sure what you are saying. Surely we might have seen the demise of the UK retail banking industry if they had failed to close branches and to reduce staff numbers. However the banks have responded sensibly to change and they should now survive.
The problem is there are many towns with no banks. They expect people to use online banking and for many elderly people this is difficult. As an example, people living in Aberystwyth now have their closest branch a 2 hour journey by car.
The banks will probably survive, but in a very different way to what we are used to. Some banks have realised that many people want a face to face relationship, and they will succeed.
I'm glad I have retired from financial services.
Old people should use online or mobile banking; it saves them from having to travel around. If they're mentally incapable, then they need someone else to do it for them like a family member with power of attorney. I don't think the shortcomings of very old people are a good reason to retain multiple bank branches at the expense of everyone else! As an octogenarian, I find it far easier to bank from home than travel to branches.
You infer that those banks with branches will succeed, yet the favoured UK banks, according to Which's survey of customers, have no branches at all
- Starling
- First Direct
- Monzo
- Chase.
Although I do acknowledge your favourite bank, Nationwide, is the next most popular at number 5 in their listing.
Finally, why would any old person want face-to-face contact with a banker?
Well bully for you John but unfortunately not everyone is a clever dick on the use of online services and some don't even own a smartphone .
Online banking is great but there are times and many reasons why one would need to enter a bank to transact business or have a problem dealt with.
Where do you get a bank draft if needed for instances.
I used the older generation as one example.however many old folk like the company and personal touch.
If you ran a small business, such as a shop, try getting bags of change from a bank. Paying in your takings can be a logistical nightmare.
Unfortunately there are many downsides.
I'm so glad you can use technology to your advantage.
The branch closures continue. Barclays now up to 99. 17,000 staff to go. Shareholders are doing ok, but staff and customers not so.
Every branch I worked in is now closed, or will be by May.
Hmmm imj. There seems to be a common denominator here! Lol.
I thought the same Byrns :grin: :grin:
Yes indeed I'm taking it personally. :grin: