CR5 Issue 154 March 2018 digital

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Finance By Ann Haldon Has Your Local Bank Closed Down? Dealing with Branch Closures An increase in the number of customers using online, telephone, and mobile banking, in conjunction with a drive to reduce costs, led to hundreds of local bank branches closing their doors in 2017. According to market research company, Statista, “In 2016, 64 percent of all individuals used the internet for online banking ...”¹ So how do you sign up for this if you’re not ‘tech-savvy,’ and are there any alternatives if you live in a remote area, have limited access to the internet, or simply don’t want to use online banking? TELEPHONE, INTERNET, AND MOBILE BANKING With so many branch closures taking place in recent years, online, telephone, and mobile banking have become the default methods for accountholders to meet their banking needs. Internet banking allows you the freedom to control your finances without having to queue in-branch, and can be a fast and efficient service. So how do you register for these systems, and access your bank’s online services? Bank systems and requirements vary in terms of registration, but in essence you’ll provide your personal details, decide on a password, and choose some security questions or memorable information that can be used as an added layer of security. When you register online, you’ll also be prompted to download the bank’s mobile app to your smartphone, where you can sign in using the same information as for internet banking. Banks may send part of your login information through the post for security purposes, and in some cases you may have to use a small device to log in or transfer larger sums of money. SOME NEW BANKS ARE EXPANDING THEIR BRANCH NETWORK It’s not all bad news with regard to in-person banking, however. A few banks are expanding their networks in the UK, bucking the trend of high street branch closures. Handelsbanken Established Swedish bank Handelsbanken has a network of more than 200 branches in Great Britain, with further expansion plans being reported in the press. Its business model means that branches are located away from the high street, in order to reduce their operational costs. Metro Bank Metro Bank branches, or ‘stores,’ are open seven days a week, 362 days a year. You can carry out all the usual banking transactions at Metro, and they have your cheque book and bank card printed in the branch on the same day that you open an account. DAY-TO-DAY BANKING AT POST OFFICE BRANCHES A further development that will help if you’re missing your local bank branch is the new partnership between the banking industry and the Post Office. You can now carry out day-to-day banking transactions at your local Post Office, such as depositing and withdrawing cash, paying in cheques, and checking your balance. Although some of these services were previously available to a 60 Log into www.cr5.co.uk your local community website! limited number of customers, the new arrangement allows 99% of personal high street banking customers, and 95% of small businesses, to use Post Office branches for their day-to-day banking needs. MOBILE BRANCH BANKING One new initiative is helping customers to access vital banking services once or twice every week. Lloyds Banking Group has partnered with security firm G4S to provide ‘banks on wheels. ’ In other words, armoured vans that travel to locations where smaller branches have been closed. THIRD PARTY AUTHORISATION It’s also possible to authorise a trusted friend or member of your family to carry out certain bank transactions on your behalf. They won’t be able to control your account, but could pay in, withdraw money, and obtain a balance for you if you provide the necessary written authority. Branch closures are a significant issue, particularly for older people living in rural areas of the UK, but with alternative methods such as the mobile branch banking service, access will hopefully be improved for those who need it. ¹www.statista.com/ statistics/380884/online-bankingpenetration-in-the-uk/ www.telegraph.co.uk/ business/2017/10/08/swedishchallenger-bank-handelsbankencommits-uk-wants-brexit/ www.handelsbanken.co.uk/shb/ inet/IStartRb. www.metrobankonline.co.uk/waysto-bank/ personal.rbs.co.uk/personal/waysto-bank/mobile-branch.html
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