Clueless American here. I saw a commercial for Nationwide bank promising the keep their branches open until at least 2028. Is there a push to close banks? Is this more fallout from Brexit?

  • Baggins
    link
    fedilink
    298 months ago

    As people use online banking more, less are going to physical buildings. Plus their hours were also awkward and didn’t fit in with people working weekends etc. Why pay all the costs of maintaining a building, and more importantly, the costs and wages of people to staff them when you can have a website?

    Where I live in Ware, Hertfordshire we don’t have a bank anymore. There used to be ay least four. There’s building society, but banking has to be done via the post office. Which is in a shop. The main post office closed some years ago and moved into a shop. That closed and we had nothing for over a year.

    It’s shite.

      • Baggins
        link
        fedilink
        68 months ago

        Personally? Very, very rarely now. The last time was to open a joint account with my wife. Can’t do that in the branch in Hertford (the county town) apparently. We didn’t bother in the end.

        Shopkeepers trying to pay in their takings, older people that can’t use web services. People that want to talk about their requirements rather than filling out a poorly thought out script on the aforementioned web page, all need somewhere physical.

        We are supposed to be getting a banking hub, the main banks will each have a representation there. Its been asked about for a couple of years now but hasn’t got anywhere.

        • @EinfachUnersetzlich@lemm.ee
          link
          fedilink
          English
          28 months ago

          Shopkeepers trying to pay in their takings

          I’m not in the industry so I have no idea - is this common rather than having cash collected by G4S & co.?

          older people that can’t use web services

          I’m guessing they mostly use the phone instead, but probably have no great need to do either.

          People that want to talk about their requirements rather than filling out a poorly thought out script on the aforementioned web page

          Can also be done on the phone.

          I’m not arguing that all banks should close their branches but with the way society works these days I can see how they’re incredibly expensive and inefficient to run.

          • Baggins
            link
            fedilink
            58 months ago

            I agree to a point - but not everyone wants to do stuff over the phone - some business is better done face to face.

            Shopkeepers had to drive to a bank, where ever that may be, now that Hertford branches are closing as well, that may be Welwyn Garden City, Bishops Stortford or Harlow. And with Hertford being the county town - I think that’s pretty piss poor.

            The banking hub is a great idea, but two years so far and sod all.

          • @Jaccident@lemm.ee
            link
            fedilink
            English
            48 months ago

            is this common

            Yes, it’s actually really common due to takings being relatively small in cash these days.

            Even when cash was much more prevalent, stores (even really big ones) would deposit in person. In 2005 my friend was required to walk to the bank at 8am the morning after the Xbox360 came out to deposit the entire takings of the midnight sale, in person. He worked for one of the biggest retailers in the UK at the time. IIRC he had over £35k in his backpack (even then many big purchases were being made using Chip and Pin).

        • @Vincent@feddit.nl
          link
          fedilink
          English
          28 months ago

          I can’t speak for the UK, and I’m not even sure about the situation in the Netherlands, but two things I’ve observed here:

          1. More and more businesses are cashless, and those who aren’t at least handle less cash.
          2. There are machines that I kinda want to call reverse ATMs, which allow you to deposit money.

          So I suppose for the remaining uses, they’ll “just” have to travel longer distances?

          • Che Banana
            link
            fedilink
            English
            28 months ago

            In Spain there is still a lively cash economy, the pandemic took a lot of that business away and I’m sure as the years march on it will become less so as governments squeeze anonymity out of transactions to collect more of that sweet, sweet tax money.

  • ma11en
    link
    fedilink
    English
    288 months ago

    Nothing to do with Brexit, banks have been reducing their high street presence for 20yrs plus in the UK.

    Santander had some banks become part Costa Coffee and part bank to reduce costs as another example of money saving.

  • Devi
    link
    fedilink
    98 months ago

    Nobody really does physical banking any more so the banks are closing their physical branches. There’s a lot of backlash because a few people can’t use online banking, it’s difficult because the numbers are small and it’s hard to justify staffing a full building when 5 customers turn up each day.

    It’s not brexit related.

  • @thagoatOP
    link
    English
    38 months ago

    Ah, OK thanks for the insight

  • nudny ekscentryk
    link
    fedilink
    English
    28 months ago

    When you think about it, it does make sense from the business point of view. Banks don’t make money on individual customers, so the ones that use physical locations. They make money off corporate customers, who are terribly unlikely to ever need to talk to a clerk in person. And with individual customers moving to online banking, it’s even less justifiable to run a physical location.