Mass bank branch closures making life for retired Brits ‘really difficult’ as Age UK calls for regulation and law changes
A leading charity for older people has criticised the latest tranche of bank branch closures, saying it is making banking “really difficult.”
She urged the government to introduce regulation to compel banks to have in-person services, while passing laws which ensure in-person services are available.
This comes after more than 200 branches had already been lined up for closure, with both saying a dramatic decline in usage of physical branches, and an upsurge in the use of apps and online banking, had driven the changes.
While it is unclear how many jobs will be lost, it is certain, according to Caroline Abrahams, Age UK’s Director that less branches mean more difficulties for older people, who tend to be less technologically savvy, or who set up their accounts before the switch to online banking.
She said: “Every week we seem to hear of another round of bank branch closures, and it’s making life for older people who don’t want to or can’t bank online really difficult.
“Closing a branch saves a bank money, but it’s not what many older people want or need, having been quite happy with banking face to face throughout their lives.”
“Although our Government is taking steps to guarantee access to cash, it needs to go further to truly help those people who rely on physical or telephone banking services.
She called for the government to “give the regulator the right to compel banks to deliver more in-person services in future, if the provision of branches and access to banking services continues to decline.”
“The banks, through the Cash Action Group, have begun to establish shared Banking Hubs in some towns with no remaining branches. These are a very positive innovation, although they are not underpinned by any statutory requirement, and so there is a risk that they could be withdrawn.
With about a quarter of over 65s reliant on bank branches we need to make sure they are protected for years to come.”