High street banks such as NatWest and Lloyds will be closing a total of 162 branches in the coming months. Among them, NatWest is set to shut down 52 physical banks, while Halifax and Lloyds will be closing 42 and 40 sites, respectively. Santander and Bank of Scotland are also included in the closures, with 19 and 9 branches scheduled to be shut down, respectively.
The trend of bank branch closures is mainly attributed to the increasing preference for online banking among the public. However, concerns have been raised by charities regarding the impact of these closures on vulnerable individuals who rely on traditional banking services.
According to data from Which?, a total of 6,522 branches have been closed by banks and building societies since January 2015, averaging at 53 closures per month.
In case your local branch is affected by the closures, basic cash and counter services can still be accessed at the nearest Post Office. Additionally, some banks are introducing pop-up branches or vans, but it is advisable to check online for the visiting schedules.
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