Future of local bank branches

[linelgreen]

My local branch now opens 10-2 daily since lockdown. This has I am certain made customers go onto self service options online. What do you think future holds for bank branches on the High street?

[HeIenaDove]

Im in my forties and DH is 70 We dont online bank and have no intention of doing so.

The hacking problems that have been in the news in recent years just rubber stamp this.

[countrygirl99]

barbedbloom you can pay in cheques at a post office, by external ATM at a branch or by post.

[TheWordWomanIsTaken]

I last went into a branch to deal with my late husband's business account after he died.
Despite handing over all the paperwork and evidence of id in branch the bank lost it.
I would have no confidence whatsoever dealing solely online when you need to submit paperwork such as passports and death certificates.

[CuriousaboutSamphire]

hearts that's probably because you don't run a business. Probably don't use much cash either.

Closing branches doesn't affect personal account users much. Those usually free accounts are now predominantly online.

But the accounts that people pay for, business accounts all come with a fee, a branch is needed. For many reasons.

There have been many suggestions on how to support local businesses, but banks prefer to say 'get the tech' even when they know the local infrastructure is not in place or the local population has not made the shift to online / cashless living.

[Crosswordocelot]

heartsonacake
If there's no need for branches how do I pay cash and cheques (over the limited amount) into a business account? Much as I'd like all customers to pay by bank transfer, I can't force them to, I'm grateful for the ones that are paying at all at the moment!!

[ACautionaryTale]

I think a lot might be satellite offices for those banks who now decide to pair down their head offices since they are being run very efficiently from kitchen tables.

That is an edit of what the ceo of Barclays said on tv a week or so ago

[Laniakea]

MIL still sends us cheques for birthdays which is very kind but we can't pay them in

^ we can pay in cheques with our online banking - Lloyds but others do too - you just take a picture of it (it’s got a limit so no good for huge amounts but fine for birthday money!) :)

[heartsonacake]

There’s just absolutely no need for bank branches. I’m in my thirties and have never had to use one, ever.

[Pelleas]

Banks have been making noises about checking the account name, but are hiding behind data protection to avoid implementing this

No they're not - confirmation of payee has now been launched by several banks. Others are still updating their tech but there's no data protection issue. If you get the name wrong it will not reveal the correct name so it is only confirming the info you already have.

[Moondust001]

Bank branch closures disproportionately impact on the poorest communities. Poor people are less likely to own the means of access to online banking, and are also more likely to predominantly function around cash. Whilst, like most people here, I would struggle to recall the last time I went into a bank, think about what it says about your life that you don't need to walk into a bank and what it entails to be able to say that. Because there are still a lot of people in the UK who don't have that life. And many of them struggle enormously as a result of being unable to access a bank.

[Crosswordocelot]

I queued for the bank this week. Its open 9-2 , 3 days a week. I'm convinced the bank will use this an excuse to keep the minimal opening hours. I do 95% of banking online but had some cheques to pay in for work, and sometimes have cash to pay in as well.

[BarbedBloom]

They were mostly shut here before all of this. All of the local branches in my MILs town are now shut and the only option to travel 40 minutes to nearest town. If you don't drive I don't know what you do as there is only one bus a day between the two. MIL still sends us cheques for birthdays which is very kind but we can't pay them in as we both work when the banks are open and they are closed at the weekend.

One of the branch staff said to me she thinks they are trying to close them now by making their opening hours so useless. There is never anyone in there on the few occasions I have managed to get in.

[InterGalacticPenguin]

• should have said 'that many' people use branches....obviously I know that some people do.

[InterGalacticPenguin]

I had to go into town yesterday for an opticians appointment and I was shocked at the amount of people queuing to get into the banks. We have about 4 on our main street and every one had queues of at least 7 people.
I didn't realise people still use branches, but obviously I was wrong!

[Patch23042]

I suppose that banks aren’t bothered about losing customers who won’t go online for whatever reason because the loss of these people might be outweighed by the savings from branch closures. Sad, given that people will be unemployed as a result. This was in the pipeline before the pandemic but it will hasten matters I think.

[CuriousaboutSamphire]

Small market town. We had 2 banks, Lloyd's closed. Barclays said they wouldn't... Closed less than a year later.

We have issues with cashless payments, very rural. But shops have muddled through until technology caught up. And shops exchange coinage to keep till floats up.

We now rely on the Post Office for banking.

You get used to it.

[countrygirl99]

sinisterbumfacedcat deposits and cash withdrawals can be carried out at post offices for most banks.

[countrygirl99]

There are some things you do usually need to physically go into a bank to do, they will vary slightly between banks. Largely around special types of transaction and power of attorney. Everyday transactions can be done by other means but banks have had problems with staff being assaulted because people don't want to comply with controlled entry etc even for transactions they can do at an external ATM.

[Leafyhouse]

Oh, and just to add, these Virgin 'Money Lounges' are an interesting experiment to try and define a future for bank branches. Obviously it wouldn't work for the local branch in Chipping-on-the-Wold, but soon this may be the only type of bank branch left:

uk.virginmoney.com/virgin/about-lounges/

[Leafyhouse]

Yes, I have to admit I haven't seen a Bank Manager since back when I graduated for my Personal account, but it's different for a Business Account. That's the only reason I'd want to be able to discuss things with my Bank Manager.

But on reflection, they often actually prefer to visit your premises, see the staff, get a feel for the place etc. So maybe we wouldn't need Bank Managers at all?

So there you go. I've just contradicted myself. The perfect balanced viewpoint.

[GaraMedouar]

Haha - yes I am in my fifties. That’s the thing though - I did used to go into my local bank to see a human face. But I now don’t travel 30min for the pleasure. I used to pop into the bank going round town, which was easy. That’s why I stopped being Treasurer as I couldn’t be bothered with the faff and travelling 30 min too far. The trouble is our amateur society had a lot of cash to deal with and pay in (Subs, ticket money etc. ) Can’t do that online. And also I used to have to get out coins - such as 50 x £1 coins or whatever for a cash float so it was very cash heavy.
I also prefer speaking to a cashier in a supermarket and having a little chat rather than using the self pay tills! maybe as I work from home, and I’m a single mum that I quite like a little chat - sometimes the only adult conversation I have in a day.

[AmeliaTaylor]

I have to travel 30 min to my nearest bank in neighbouring larger towns. I liked to go in and see a human face, get the pay in slip stamped, that sort of thing.

I’m guessing you’re in your fifties, at the very least GaraMedouar? Probably older? I don’t know anyone younger who is of that mindset hence why high street banks are disappearing from the high street. I used to work as a cashier in a LTSB and other than a stream of pensioners each day coming to withdraw cash with a cheque or paying in book, there was no real other use for the branch. I find it very quaint that seeing a human face (unless you’re very lonely) and receiving a stamp is enough of a draw for you to travel for an hour!

[SinisterBumFacedCat]

It’s really unfair on older people or people who struggle with literacy. My DM doesn’t use the internet so she would be effectively shut out of banking if they all disappeared from high streets. This is a well off generation and it would make no sense to get rid of them. Also when I get a suspect text or call I check with my branch to make sure it’s legit. I’ve tried calling their helpline but it takes too long and they are not especially knowledgeable or reassuring.

[MereDintofPandiculation]

I used to use it quite a lot as I was Treasurer of a local association , so paid in subs, cheques, cash etc Local associations often have a rule that cheques have to be signed by two people - a bit more complicated on-line.

People are suggesting that everyone should move on-line, and that the elderly should just get up to date. It's not till you approach being elderly yourself that you realise your ability to remember a string of numbers is declining, and transferring money to a bank account using only account number and sort code is becoming more difficult to do with confidence. Banks have been making noises about checking the account name, but are hiding behind data protection to avoid implementing this, and meanwhile refusing to refund mistransferred money on the grounds that the customer authorised the transaction.

[goose1964]

Our bank closed down, there was always a horrendous queue