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The end of High Street banking?

Jonpe
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The end of High Street banking?

Our High Street lost HSBC, then NatWest, and now Santander.

As announced on the news the other day, Santander are closing a number of their branches, and I duly got a letter from them informing me that my local branch was one of the 'doomed' ones.  They helpfully informed me that I could operate my Santander current account at the Post Office.  The research, if any, behind their decision to close certain branches seems to have failed to notice that our Post Office closed last October!

Fortunately, being in London I have three (currently safe from closure) branches within relatively easy reach.

 

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daveplus
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Re: The end of High Street banking?

Its not the end but all the banks have their eye on maintaining profits by reducing costs so they will trim their branches to do so.

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Re: The end of High Street banking?

Just another step resulting from the loss of the cash wage packet. Banks don't have to work for your money anymore.

The same lackadaisical attitude to customer service has spread to many companies as well.

 

Most banks are little more than "hole in the wall" establishments.

Here and outlying areas there is only one old fashioned bank, complete with pillars, that I know of. All the rest similar buildings have long since become bookies.

Luzern
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Re: The end of High Street banking?

@Jonpe In jest I could say end of high street banking has arisen because they've moved from the premier sites in the middle of the high street. But I wouldn't be so crass.Shocked

Seriously though, even without computerization and online development it happened. The outfit I worked for had a number of mobile units, which visited rural locations a few times weekly, but IIRC they were going 40 years back.

From the personal customers POV it is for some inconvenient or unfortunate, but really they are not the backbone of banks' business. Business in general, I'd say, has embraced technology for its efficiency and cost containment.

I receive and issue fewer and fewer cheques, as does the commercial world, and dealing with dwindling volumes raises cost per item for use of large expensive premises to cope. Movement of paper too costs are substantial. That is dealt with by cheque truncation.

All the above makes marginal profit centres unviable.

Some, rightly from their POV, will scream, but will have to go along with progress.

Steam cars travelling at 4 mph and the man with a red flag are not on sale now. That's life!

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Luzern
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Re: The end of High Street banking?


@billnotben wrote:

Just another step resulting from the loss of the cash wage packet. Banks don't have to work for your money anymore.

The same lackadaisical attitude to customer service has spread to many companies as well.

 

Most banks are little more than "hole in the wall" establishments.

Here and outlying areas there is only one old fashioned bank, complete with pillars, that I know of. All the rest similar buildings have long since become bookies.


and that reduction in cash wages resulted from repeal of the Truck Acts in 1960. IMO that wasn't a win win favour for banks, as references were relegated for a boss's letter, and some new customers gained were nothing but problems.

Oh and banks becoming restaurants, I think it was in Eastbourne I ate fairly often my fish 'n ships.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Re: The end of High Street banking?


@Luzern wrote:

Steam cars travelling at 4 mph and the man with a red flag are not on sale now. That's life!


And here`s me, looking for a job, where I can get some exercise and use my little red flag ! .

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Re: The end of High Street banking?

Of course there is no one to blame for this other than ourselves or at least the current generation that want to do everything via their mobile phones. The Banks are only responding to the demand made on them or in the case of closures the lack of demand.

If when the wage packet was stopped in favour of BACS enough people said 'No I want money in my hand" the world would have been a very different place now but as we accepted these changes and continue to do so they will continue to shape the world around us.

 

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Re: The end of High Street banking?

@Luzern

Steam cars travelling at 4 mph.........

Such luxury.......

In this area 4 mph would be great the roads in this area are completely gridlocked, and with the additional houses but no more roads being built it will simply become a giant car park.

As for the banks the only puzzle for me is why they still have, ' free banking'.....Not of course that it is really free as some pay to cover the free element.

Luzern
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Re: The end of High Street banking?

 

Those that perpetually go over their OD limits, or whose cheques bounce, hopefully contribute!Evil

Moderator's note by Dick (Strat): Full quote of preceding post removed as per Forum rules.

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Re: The end of High Street banking?


@Mook wrote:we accepted these changes and continue to do so they will continue to shape the world around us.

What most people accept are the initial "sweeteners" that quickly disappear.

A few power companies back one said go paperless and get a couple of quid off your bill. That lasted a year.

Now I never go "paperless" as in the end it only benefits the company concerned and I like my own set in stone paper record. Especially when it comes to getting errors corrected.

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Re: The end of High Street banking?


@Mook wrote:

If when the wage packet was stopped in favour of BACS enough people said 'No I want money in my hand" the world would have been a very different place now but as we accepted these changes and continue to do so they will continue to shape the world around us.


Did we really have a choice but to accept BACS? I expect companies could have made it very difficult for employees to get their wagesUndecided

 

The biggest con was not only switching to BACS but changing from weekly to monthly payments meaning the company keep hold of the money longer.

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Re: The end of High Street banking?

Well I expect we might have @Mav if enough people were against it, but as @billnotben said above it would no doubt have been laced with sweeteners to make it palatable to the workforce.

 

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Re: The end of High Street banking?

After the compulsory change to BACS and monthly payment at a company I worked at, a few employees were up at the accounts department every 2 weeks requesting 'subs' as they couldn't manage for a whole month.

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TTman
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Re: The end of High Street banking?

I think i may be a bit to blame for the bank branches closing!!! I joined 20 years ago First Direct Bank, which was the first telephone only bank. We had no branches and all business was done over the telephone with cash obtained at ATM,s. If a customer needed a branch they could go to a HSBC branch who were the owners of FD. Eventually we trialed internet banking and mobile banking which spread to every bank. When I joined i had to move all my account to FD and in the 20 years since then have only used a branch maybe 3/4 times!

So sorry folks it is partly my fault

TTman

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Re: The end of High Street banking?


@Strat wrote:

After the compulsory change to BACS and monthly payment at a company I worked at, a few employees were up at the accounts department every 2 weeks requesting 'subs' as they couldn't manage for a whole month.


Our employer gave us no choice other than to opt for  payment every 2 weeks for a few months and then it was monthly pay only into your bank account or you could have a cheque but no cash payments.

So your employer saves money by such a move but if 'Free banking' ever ends you will be paying to get your money.