Banks say that they are responding to the needs of businesses and consumers who are choosing to do their banking online, rather than in their local branch.
Critics argue that many have little choice now.
As an increasing number of people rely on these services, it’s becoming less cost-effective for banks to operate in person and as a result, many have decided to close some of their branches.
But what should you do if your local branch faces closure?
Visit the Post Office
The Post Office offers an invaluable range of banking services. With over 11,500 branches around the UK, most people will have a branch relatively close by.
MoneyFactsCompare said: “Many people aren’t aware that they can use their local Post Office branch for their everyday banking needs.
“This fee-free service allows both personal and business customers to access their bank accounts and carry out day-to-day transactions, including paying in cash and cheques, withdrawing money and checking your balance.
“High street names such as Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander are just some of the providers whose accounts can be accessed through the Post Office.
“As usual, you’ll need your card and PIN to check your balance, and to withdraw and deposit funds. To pay in cash or a cheque, you’ll also still need to complete a paying-in slip.
“You can access this service in any Post Office branch whenever it is open, including evenings and Sundays, where available.”
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What are banking hubs?
A banking hub works in a very similar way to a traditional bank.
But what’s unique is that from Monday to Friday, there is a different representative (a “community banker”) from each big bank or building society that used to operate in the local area – a representative you can speak to about more complicated banking issues.
Providers involved include: Bank of Ireland UK, Barclays, Danske Bank, HSBC, Lloyds Bank, Nationwide, NatWest, Santander, TSB and Virgin Money.
