I'm genuinely fuming about this. Another month, another round of bank closures hitting our high streets like a wrecking ball. NatWest is shuttering a whopping 53 branches next month, continuing their relentless march away from physical banking.
Let me tell you something. My grandmother still refuses to use online banking. "Can't trust those computer people with my pension," she tells me every Sunday over tea. What's she supposed to do when her local branch disappears?
The Digital Banking Takeover Nobody Asked For
This isn't NatWest's first rodeo with closures. They axed 48 sites last year and nearly 20 branches in 2023. It's becoming a depressing pattern.
The banking giant claims they're just following customer behavior. According to them, over 3.5 million of their 19+ million customers now use online banking. Since 2015, the NatWest Group (which includes NatWest, Royal Bank of Scotland, and Ulster Bank) has closed an eye-watering 1,409 branches.
God. Remember when actually knowing your bank manager was a thing?
Everyone's Doing It (Which Doesn't Make It Right)
NatWest isn't alone in this mass exodus from teh high street. According to Which?, banks and building societies have shuttered 6,161 branches since January 2015 – that's roughly 53 disappearing every single month.
Lloyds Banking Group (including Lloyds, Halifax, and Bank of Scotland) has eliminated 1,216 locations. But the crown for most aggressive closer goes to Barclays, which has axed 1,227 branches.
I spoke with a former bank teller last week who lost her job after 22 years. Her response: "They told us it was progress. Felt more like abandonment."
What NatWest's PR Machine Says
When contacted, a NatWest spokesperson delivered the usual corporate line to HOAR: "Our customers are using digital banking more than ever before – over 80% of our active current account holders now use our digital services and over 97% of retail accounts with us are now opened online."
They're quick to mention their planned £20m investment in their remaining network for 2025. This money will supposedly "improve customer service, enhance the look and feel of branches, and reduce environmental impact."
Translation: We're closing your branch but making the ones 15 miles away look prettier.
Trapped in a Digital Banking Wasteland?
The Financial Conduct Authority (FCA) has at least implemented some rules requiring banks to ensure communities still have access to cash after closures. When they shut down, they must check if the area will be left without important services like branches or ATMs.
Communities can request reviews of cash-access gaps, and banks must respond. If significant issues are identified, they're obligated to provide alternatives – keeping existing services open until new solutions are established.
Back in 2018, my village lost its last bank. The nearest ATM is now a 20-minute drive away. Not exactly convenient when you need cash for the local farmers market that doesn't take cards.
Your Lifelines When the Branch Disappears
If your local NatWest is among the doomed, you're not completely out of options...
The Post Office can handle most basic banking tasks. You won't be applying for loans or opening accounts, but deposits, withdrawals, and balance checks are possible. Find your nearest branch using their website locator.
Banking hubs are also emerging as a solution, with staff from multiple banks sharing space. These typically feature Post Office counter services for routine transactions.
Some banks are getting creative with mobile banking, setting up temporary shop in village halls or libraries. Worth contacting your bank to see when they might roll through your area.
Listen. I spent 4K renovating my spare room last year and barely left the house for three months. But even I recognize the value of face-to-face banking services, especially for vulnerable customers.
The digital revolution is leaving too many behind.
Frequently Asked Questions
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
What are the benefits of having an emergency fund?
An emergency fund provides financial security by offering a safety net for unexpected expenses, such as medical emergencies or job loss. It helps prevent debt accumulation, reduces stress, and allows for better financial planning, ensuring that individuals can navigate unforeseen circumstances without significant hardship.
Statistics
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- 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.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
External Links
How To
How To Develop a Good Saving Habit
Developing a good saving habit begins with setting clear financial goals. Determine what you are saving for, whether it’s an emergency fund, a vacation, or retirement. Start by automating your savings; set up a direct deposit from your paycheck into a savings account. Aim to save at least 20% of your income, gradually increasing this amount as you become comfortable. Track your spending to identify areas where you can cut back and redirect those funds to your savings. Regularly review your savings progress and adjust your contributions as necessary to stay motivated and achieve your goals.
Did you miss our previous article...
https://hellofaread.com/money/cyber-nightmare-ms-and-coop-struggle-as-shelves-empty-and-customers-fume
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