Well, here we go again.
NatWest just announced they're slamming the doors shut on another 55 branches across the UK, and honestly? I'm getting tired of writing these stories. My neighbor in Birmingham texted me this morning asking if her local branch was on the chopping block. Spoiler alert: it probably is.
The Usual Suspects Get Hit
The bank confirmed dozens of locations will disappear over the next few months, including spots in Torquay, Birmingham, and Abingdon. Leamington Spa, Stratford-upon-Avon, and Northampton are also getting screwed over. Because apparently nowhere is safe anymore.
This comes just months after NatWest said they'd close 53 branches in 2025. Remember when I wrote about that back in December? Yeah, that feels like five minutes ago.
The numbers are honestly depressing when you add them up. Last year they shuttered 48 sites. In 2023, nearly 20 more got the boot. Since 2015 – and this stat made me do a double-take – NatWest Group has closed 1,409 branches. That's not a typo.
Digital Banking: The Corporate Excuse That Never Gets Old
A NatWest spokesperson trotted out the usual line about customers using digital services "more than ever before." They claim over 80% of active current account holders use digital banking now, and 97% of retail accounts get opened online.
"Our customers appreciate the speed and convenience of digital banking for everyday transactions," they said. Sure they do. Tell that to my 73-year-old aunt who still writes checks and thinks online banking is a scam.
The spokesperson added some corporate fluff about investing £20 million in their network improvements and environmental impact reduction. They're also throwing around terms like "Community Pop-Ups" – which sounds like a food truck but for banking, I guess?
The High Street Massacre Continues
NatWest isn't alone in this branch-closing frenzy. According to Which?, around 6,100 bank and building society branches have vanished since January 2015. That's 61% of what existed a decade ago.
Sixty-one percent! That's like if half the pubs in your town just disappeared overnight.
Banks keep citing "reduced customer footfall" and the shift to digital banking. But here's what really gets me: research shows 39% of people over 65 don't use online banking and face "high risk of financial exclusion." A Which? survey found more than half of disabled or impaired people got negatively impacted by these closures.
So much for customer service, right?
What Now? Your Survival Guide
If your local branch just got axed, you're not completely screwed. You can handle basic banking at your nearest Post Office – though don't expect to apply for loans or open new accounts there. Their website has a locator tool that actually works.
Some banks run mobile banking services (basically a bus that shows up occasionally). Others set up shop in village halls or libraries. It's worth calling your bank to see what they offer, though good luck getting through to a human.
If you're ready to dive into online banking, Uswitch has a decent guide. Or you could switch to a bank that still believes in physical branches. The Current Account Switch Service makes it free and relatively painless.
Just don't expect this trend to reverse anytime soon. My editor bet me £10 that we'll be writing about another round of closures before summer ends.
I'm not taking that bet.
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Statistics
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
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- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
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External Links
How To
How To Understand and Use Credit Cards Wisely
Understanding credit cards involves knowing how they work, including interest rates, fees, and benefits. Choose a credit card that aligns with your spending habits, whether for rewards, cash back, or low interest. Always pay your balance in full each month to avoid interest charges and maintain a good credit score. Use your card for regular expenses to build credit but avoid overspending; stick to your budget. Regularly check your statements for errors and fraudulent charges. Finally, understand the terms of your card, including rewards expiration and annual fees, to maximize benefits while minimizing costs.
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