Lloyds Banking Group has revealed it will be shutting 292 of its branches across the UK before the end of 2025, in a move that threatens to disenfranchise millions of elderly Brits of banking services.
CEO of Totally Money Alastair Douglas has argued that bank branch closures disproportionately impact certain demographics.
He said: “While digital is becoming increasingly popular, the real concern is for the elderly and vulnerable. They’ll be less likely to have the understanding and ability to access online services and apps, effectively locking them out of the banking system.
“And as we quickly advance towards an increasingly digital world, we must make sure that nobody is left behind. If you’re not happy with the service being provided by your bank then it’s worth looking into your options, and finding one which better suits your needs.
“Loyalty doesn’t pay, and with the Current Account Switch Service Guarantee, your payments and balance will be moved over automatically and your old account will be closed for you. So, you won’t need to worry.”
A Lloyds Banking Group spokesperson said: “Mobile banking is more popular than ever, with over 19.5 million customers choosing our app to manage, maximise and understand more about their money.
“Alongside our app, customers can bank online, over the phone, at a Banking Hub, a Post Office or by speaking to one of our Community Bankers.”
“All branch locations announced for closure have alternative options for accessing cash nearby, such as a Post Office, or free to use ATM. We’ll also be introducing 37 new Community Bankers, in addition to those already helping communities, to provide targeted banking support where a branch is closing.”