Villages being affected by bank closures

It has been reported recently that many villages in the UK are being affected by bank closures, with many bank branches having closed since the turn of the century. An investigation was carried out by the Campaign for Community Bank Services (CCBS), and this suggested that more than two thousand bank branches had closed since 2000, and this has left many people living in smaller villages stranded when it comes to conducting their banking.

For many of those living in rural areas and small villages there is a particular problem because lack of broadband facilities makes it difficult for them to benefit from other options such as online banking due to lack of internet access. With many bank branches in smaller villages now struggling to stay open, despite profits recently posted by banks, villagers may really struggle to access banking services properly.

A number of major banks are said to have shut hundreds of branches in some cases over the past decade, and Lloyds TSB said to have closed around five hundred branches. It is the branches in smaller areas and villages in particular that are suffering, and many officials are now concerned that vulnerable, elderly, and disabled people could experience real problems if they are unable to travel further afield to access banking services.

An official from Campaign for Community Bank Services, Derek French, said: ‘We are concerned that banks will continue to close quieter branches and concentrate on meeting sales targets in busier, more profitable High Street branches.’  

With banks having been hit hard financially over the past few years there are also concerns that many may focus of closing branches to save money rather than making cutbacks in other areas, which will further impact on the accessibility of services for many consumers.

Tags: small villages, consumers, derek french, bank, Branch (banking), branch, bank branches, bank closures