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?
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?
9 Comments
ma11en@lemmy.world · 28 pts · 2y
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.
FatLegTed@piefed.social · 27 pts · 2y
HenriVolney@sh.itjust.works · 16 pts · 2y
Welcome to blessed liberalized UK where the market regulates itself for the benefit of the people!
Gsus4@mander.xyz · 1 pts · 2y
EinfachUnersetzlich@lemm.ee · 8 pts · 2y
How often do you need to go to a bank branch though? I last went in 2017 and even that wasn't a necessary trip.
FatLegTed@piefed.social · 6 pts · 2y
EinfachUnersetzlich@lemm.ee · 2 pts · 2y
I'm not in the industry so I have no idea - is this common rather than having cash collected by G4S & co.?
I'm guessing they mostly use the phone instead, but probably have no great need to do either.
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.
FatLegTed@piefed.social · 5 pts · 2y
Jaccident@lemm.ee · 4 pts · 2y
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).
OwlPaste@lemmy.world · 11 pts · 2y
Too expensive to keep branches open
Devi@kbin.social · 9 pts · 2y
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.
thagoat@lemmy.sdf.org · 3 pts · 2y
Ah, OK thanks for the insight
nudnyekscentryk@szmer.info · 2 pts · 2y
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.