An entire town in Derbyshire, UK is facing a banking crisis as the last local bank branch is set to close its doors. National Westminster Bank, also known as NatWest, will cease operations at its Bakewell branch on February 22. This closure will leave the entire Peak District, the UK's original national park, without any bank branches.
Shift Away from High Street Banking
NatWest is not the only bank closing branches across the country. In fact, the bank has shut down 1,329 branches since 2015, more than any other bank. This trend is part of a larger shift away from high street banking as more customers opt for mobile and online banking services.
Concerns from Local MP
The Member of Parliament for Derbyshire Dales, who is pushing for the Bakewell branch to remain open, expressed his concern in the House of Commons. He highlighted the impact on vulnerable and elderly people, as well as local businesses. The MP called on NatWest, as a national shareholder, to consider the needs of the community.
Government Response
In response, Prime Minister Rishi Sunak emphasized the importance of access to banking and cash services for all customers. He mentioned that financial services will provide a new cash deposit service for the community and encouraged the use of the post office for regular banking services.
Alternative Services
After the branch closure, the closest bank branches will be located nine miles away in Matlock or 13 miles away in Chesterfield. However, NatWest plans to establish a "banking hub" in Bakewell to continue providing some services to customers. This hub will function similarly to a traditional bank branch but will be available to everyone.
Widespread Branch Closures
The closure of the Bakewell branch is part of a larger trend of bank branch closures across the UK. According to consumer group Which?, over 5,760 bank branches have closed since 2015. In December alone, 19 bank branches, including those of Barclays, Bank of Scotland, Virgin Money, NatWest, and Lloyds, will close their doors.
Lloyds Banking Group has also announced plans to close 22 Halifax branches, 19 Lloyds branches, and four Bank of Scotland branches early next year. Metro Bank is also facing challenges and will be cutting 800 jobs and reducing opening hours.
Despite these closures, banks are investing in digital solutions and alternative services to ensure that customers who face challenges in moving online are not left behind.
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