20 June 2024

Town to get new banking hub as Lloyds announces closure

by Rebecca Hannant

Withernsea is set to receive a new banking hub after Lloyds announced the closure of its Queen Street branch later this year.

Lloyd’s has said that the branch will close on September 12.

According to a review published by Lloyds, the closure is as a result of a decrease in customers using the branch.

The report said: “Like many other high street businesses, we’ve seen people using our branches less frequently in recent years as more customers choose to do most of their everyday banking online. We’re responding to the way our customers use our branches.

“We’ll continue to invest in our branch network, but we must make sure our branches are where customers need and use them most. As a result, we’ve made the difficult decision to close this branch because customers are using it less often. In addition, the majority of customers are also using alternative ways to bank.”

In the meantime, the bank has identified that the closest alternative is its Hedon branch. It has also advised the Post Office will also be available for everyday banking.

Lloyds will be engaging with the local community to conduct a review on the impact of the closure. It will contact key members and organisations within the community including Beverley and Holderness MP Graham Stuart and representatives from the Post Office.

During the review they will also contact representatives of charities such as Mental Health UK, Alzheimer’s Society, and Age UK.

The provisions in Withernsea will be taken over by LINK, the UK’s Cash Access and ATM network which is not-for-profit organisation which assesses the need for banking spaces within communities. They will create a banking hub which is a shared banking space, like a traditional bank branch but its services will be available to customers from a network of banks as opposed to one.

The hub will consist of a counter service that will be operated by Post Office staff, where customers of any bank can withdraw and deposit cash, make bill payments, and carry out regular banking transactions.  In addition, there will be private spaces where customers can speak to someone from their own bank about more complex issues. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

All the major high street banks are part of this work – and many bank and building society customers will be able to use the counter service at the hubs and get advice, support, and information about banking matters.

John Howells, the CEO of LINK, said: “The eight banking hubs we have recommended today will become part of the fabric of the High Street. Those that have opened so far have had a ringing endorsement from residents and businesses, and LINK is proud to recommend services for these communities.”