Millions Living in Constituencies without Bank Branches
More than 2.2 million people in the UK are living in constituencies without a single bank branch, with millions more only having access to one local branch.
23 Constituencies Become "Banking Deserts"
As big banks continue to close branches, 23 UK constituencies have been left without any bank branches, earning the country the nickname "banking desert."
Closures Impact Elderly Customers
The closures have been heavily criticized, particularly as they negatively impact the elderly. Older individuals are less likely to bank online and are now left with limited access to face-to-face services.
Major Banks Close Down Branches
Barclays, HSBC, Lloyds, and Halifax are among the banks closing branches across locations such as London, Suffolk, and Newcastle. Barclays alone closed four branches earlier this month.
Decline in Branches Leaves Vulnerable Customers Stranded
Consumer group Which? reports that some major UK banks have closed more than 80% of their branches in the last eight years. Former NatWest executive and banking campaigner Derek French describes the situation as a "banking desert," leaving many individuals having to travel long distances to access services.
Elderly Customers Hit the Hardest
Charity director at Age UK, Caroline Abrahams, highlights the decline in bank branches as a "serious blow" to elderly customers, many of whom are not online or confident with mobile banking. Accessing face-to-face services becomes increasingly challenging for this demographic.
Ripple Effect on High Streets and Businesses
Bank closures have a ripple effect on high streets and businesses, with companies having to travel long distances to make deposits and struggling to access secure banking services. Federation of Small Businesses policy chairman Tina McKenzie raises concerns about the impact of these closures.
Call for Access to Cash and Local Bank Branches
Various MPs, including Adam Afriyie, James Gray, and Harriett Baldwin, have voiced concerns over the lack of banks and access to cash, highlighting the importance of local bank branches and free cashpoints.
It is clear that the closure of bank branches across the UK is leaving millions of residents, particularly the elderly, without access to essential face-to-face services. As major banks prioritize online banking, it is crucial that steps are taken to ensure vulnerable customers are not left stranded in "banking deserts."
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