‘High and dry’ warning issued to anybody with Lloyds, HSBC, NatWest or Halifax bank account ~ October 24, 2023

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New figures has laid bare exactly how many bank branches have closed in the UK since February 2022. Under a voluntary agreement, high street UK banks began assessing the impact of every branch closure from February 2022 as part of a commitment from the major banking groups to “ensure that no community is left without the cash access and deposit services it needs”.

But a 1,000th branch will shut down later this year – in a major blow to account holders. Nick Quin, Head of Financial Inclusion, LINK said “As more people choose to bank online or pay using cash, the UK will need fewer cash machines and more bank branches will close. There are still over five million people who rely on cash and it’s LINK’s role to make sure that every high street continues to have free access to cash for as long as they need it.

“Alongside protecting access to cash, whenever any bank branch closes, LINK will assess that location to understand whether it requires additional services such as a new ATM or banking hub. To date, we’ve recommended almost 100 hubs which are beginning to open across the UK.

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“I would encourage any community without a bank branch to check on http://www.link.co.uk whether we have already recommended additional services, and if not get in touch with us to find out more.” Data shows Barclays has overseen the most closures, with 301 branches lost to the high street. That is followed by Lloyds (204), HSBC (183), Nat West (177), and Halifax (118).

Caroline Abrahams, charity director for Age UK, said: “The continuing avalanche of bank branch closures means that by the end of this year, there will be considerably fewer opportunities for face-to-face banking than there were even just a couple of years ago. Older people living in rural and semi-rural areas are likely to be the hardest hit but those in towns and cities are not immune.

“The reality is that for almost everyone, it is getting progressively harder to bank face to face, leaving millions of older people who are not online potentially high and dry. Being able to manage your money is key to living independently as you age, but the rush towards digital banking means millions of older people are being deprived of this, simply because they do not use computers.”

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