A wide array of bank branches are set to see significant changes to the way they carry out their services.
It comes after Lloyds Banking Group, which also owns Halifax and the Bank of Scotland, confirmed its plans to make it easier for customers to access their accounts. This will be done by allowing customers to access their account at each branch, regardless of which bank they’re actually with.
Lloyds stated that this will allow customers to access Britain’s “biggest combined branch network”. The announcement has been made in the mids of a growing trend of closures of bank branches across the UK as the industry moves further towards online banking.
However, Lloyds has also highlighted its plans to prioritise mobile app users which will be accompanied by further developments to Halifax’s and the Bank of Scotland’s respective mobile apps. Despite this, concerns have been raised by Trade Unions that the new announcement is the first step towards more closures.
Mark Brown, General Secretary of BTU, argued that Lloyds could rapidly close down 233 branches as a result of the change, thus putting thousands of jobs at risk. However, Lloyds denies these claims and argued that BTU is not a recognised union and doesn’t have the insight required to make such a prediction.
It is understood that Lloyds currently operates 932 branches across the UK. However, 91 branches are poised to close down in 2025, after the banking group already had shut down 493 branches since June 2022.
Data from Which? suggests that banks and building societies across the country have close an average of 53 branches each month since January 2015. A number of charities and organisations have expressed concerns that excessive bank closures could neglect vulnerable and elderly customers who still rely on face-to-face banking.
If your local branch is closing, basic cash or counter services can be carried out at your nearest Post Office. For example, you can deposit cash and cheques, withdraw money, and check your balance.