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How COVID-19 ‘killed’ the high street bank

The Daily Mail has written this week that despite the fact that most people still rely on their high street bank, they are being driven away by branch closures and a push towards online banking

Since 1988, more than 14,000 bank branches have closed in the UK, and by 2021, there will only be 5,772 left.

Last week the Financial Conduct Authority urged banks to rethink plans to shut further branches during lockdown, over fears more closures could have 'significant consequences' for customers.

However, Barclays, Lloyds and TSB are still closing a total of 198 branches in the first three months of this year.

Results from The Daily Mail survey revealed that ‘millions of customers still rely on a local bank branch — with more than 80 per cent of us using the face-to-face services’, and 18 per cent heading to a local bank branch on a monthly basis.

Despite this, almost two in five face a trip of at least three miles to their branch, almost one in five live more than five miles away from a branch, and seven per cent live more than ten miles.

Three out of five said they deposit and withdraw cash, while a similar number visit branches to deposit cheques. More than a quarter of over-65s felt branch staff had pushed them to use a self-service machine when they wanted to queue for the counter.

The report outlines how new laws to protect cash, first promised in March last year, could be the ‘only way’ of saving branches.

Full article:

This is Money - How Covid's killed the High St bank: It's been the nail in the coffin for so many local branches even as 1 in 5 still rely on face-to-face banking


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