UK banks lose two-thirds of branches in past 30 years - Which?
By Caoimhe Toman
Date: Friday 16 Nov 2018
(Sharecast News) - UK banks have shed two-thirds of their branch network in the past 30 years, instead ploughing millions into the Post Office to serve people's basic banking needs, a new study from Which? has revealed.
Around a fifth of households are now over 3km from their nearest current account provider and are uncomfortable embracing the Post Office as the alternative to a physical branch, the think-tank said.
Which? mapped network data from all current account providers in the UK to understand the extent of the branch closures. Between them, banks and building societies have only 7,586 branches left in the UK. Thirty years ago, parliamentary figures put the total at 20,583.
Gillian Guy, chief executive of Citizens Advice said: "There are fewer people using the Post Office for banking matters, only about one in two said they're using them. We want the government, the Post Office and banks to raise awareness, and help improve the banking services post offices offer, to ensure they meet consumer needs."
Ceri Stanaway, money editor for Which?, chimed-in saying: "The true scale of bank branch closures in recent decades is staggering and has left millions of people struggling to access the vital financial services and cash that they need.
"For many there is simply no substitute for a dedicated branch and the wide range of services it offers, and many customers now face having to travel long distances if they are to avoid financial exclusion."
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