Barclays Closing High Street Banks

TimeLord1

Hello, I was in my local Barclays today, only to learn they're closing doors and selling off the building and another a few miles away so, if I need to see them after May 2024 I have a 12 mile trip to the one only open on limited days. I'm thinking it's not in my interest to remain with them also today they refused my Driving licence because it was paper and not photo ID surely this isn't correct. Are they in debt it sure feels like it.
Anyone else having similar troubles. 

Zanderman

All banks are closing branches more and more. That doesn't suggest they're in debt at all.

Re Barclays read https://www.moneysavingexpert.com/news/2023/april/barclays-bank-branch-closures/

And: https://www.moneysavingexpert.com/news/2024/01/barclays-bank-branch-closures/

Re driving licence - they will need be wanting photo ID - if your driving licence doesn't have a photo it's not photo ID!

Middle_of_the_Road

TimeLord1 said:

Hello, I was in my local Barclays today, only to learn they're closing doors and selling off the building and another a few miles away so, if I need to see them after May 2024 I have a 12 mile trip to the one only open on limited days. I'm thinking it's not in my interest to remain with them also today they refused my Driving licence because it was paper and not photo ID surely this isn't correct. Are they in debt it sure feels like it.
Anyone else having similar troubles. 

They are far from in debt, it's just their never ending desire to increase profits, as is the case for all the big banks, who are also closing endless branches they claim there is no market for. 

wmb194

TimeLord1 said:

Are they in debt it sure feels like it.

All banks and building societies are in massive amounts of debt e.g., our deposits but that doesn't mean they're going to fail anytime soon: Barclays' recently announced 2023 full year profits before tax were £6.6bn:



https://www.londonstockexchange.com/news-article/BARC/results-announcement/16339615

Bazzalona13295

TimeLord1 said:

Hello, I was in my local Barclays today, only to learn they're closing doors and selling off the building and another a few miles away so, if I need to see them after May 2024 I have a 12 mile trip to the one only open on limited days. I'm thinking it's not in my interest to remain with them also today they refused my Driving licence because it was paper and not photo ID surely this isn't correct. Are they in debt it sure feels like it.
Anyone else having similar troubles. 

Its been this way for a long time, over the last decade I can think of possibly 8 or 9 branches within 10 miles of me close down, many of which were vital to the elderly population in these villages. They do try to provide a 'community pop up' branch in libraries etc but its not the same by any stretch.

Unfortunately others like HSBC and Nat West prove its increasingly commonplace.

Hoenir

TimeLord1 said:

 Are they in debt it sure feels like it.

It's how banks have operated for some 800 years. They borrow to lend out. Make a profit on the margin. Operating physical branches is not a public service. Each branch has to stand financially on it's own two feet. 

Hopefully over time banking hubs will emerge from the ashes. Joint ventures providing community based facilties. Sharing the cost burden will make a huge difference. 

[Deleted User]

You could move to another bank but they may close too.
Do you have access to a local Post Office for basic face to face banking transactions? 

Rob5342

I haven't been into a bank branch for 25 years, and I bank with Monzo now who don't have any branches at all. The vast majority of people have no need whatsoever for a bank branch, with most banks you can pay cash in at a post office, and cheques can be done by app or by post if the amount is too high.

Internet banking is hardly new, it's been around for 25 years.

TheBanker

The last time I went into a branch of my bank was 2018 to arrange a CHAPS payment for a house purchase. 

Occasional cash withdrawels are done at an ATM (normally at the supermarket when shopping). On the rare occasion I receive a cheque, it's paid in via the mobile app or the local Post Office.

New accounts, faster payments, standing orders/direct debits, replacement cards are all dealt with online.

Barclays specifically have a member of staff based in our local leisure centre a couple of days a week, if I am desperate to speak to someone face to face.

Not sure that in this day and age the local branch is necessary. I note the comments about banks profits, but it's also worth remembering that reducing costs enables more competitive products, and investment in better digital services. 

Would those who are keen to retain branches, be happy to accept lower savings rates and charges for counter transactions to cover the cost? Or do they expect to be subsidised by profits generated from customers who don't wish to use the branches any more?

NB: I know people will talk about the elderly - but my mum is in her mid 70s and manages perfectly well without a local branch (the nearest branch of her chosen bank has always been in the town centre, about 10 miles away). She doesn't have a computer or smartphone, but she's happy enough using telephone banking to deal with transfers and direct debits. If she gets a cheque (rare) she posts it to the bank to deal with. 

Rob5342

TheBanker said:

NB: I know people will talk about the elderly - but my mum is in her mid 70s and manages perfectly well without a local branch (the nearest branch of her chosen bank has always been in the town centre, about 10 miles away). She doesn't have a computer or smartphone, but she's happy enough using telephone banking to deal with transfers and direct debits. If she gets a cheque (rare) she posts it to the bank to deal with. 

I I've heard that argument a lot but it's wearing a bit thin these days. I have two relatives in their 80s, they aren't at all technical but neither of them have any trouble using the banking app on.their iPads. Using a banking app is no more difficult than reading a bank statement.

tghe-retford

The vast majority of branches have closed in my town over the last few years with no mobile or pop up branches put in place. And it's looking likely the last branches will close next year. Everyone is just told to use online banking or travel to the nearest town or city in some cases, now that could be 20 miles away. As is the case with Barclays, the nearest is in a city after the nearest town had their branch close.

And it could get worse, I'm hearing rumours that the town's Post Office could close (was due to happen by now but hasn't yet) and the other suburban Post Offices could follow it due to retirement/viability leaving people with a journey to a nearby village or town to do basic in-person banking functions. All we will have is ATM's at the supermarkets for as long as they are financially viable. The Labour candidate for MP has talked about a central Post Office/Banking Hub but we don't know how long that will take or if it will go ahead.