Former banks question.

[cheesefest]

Where I live, three banks have closed in last 5 years, two of them pre pandemic. None of the units have been filled. It’s the same with other banks in a few miles from me.

Do you have any former banks that have closed in past 5 years and turned into something else?

Im thinking that the reason why they aren’t being transformed into something else is because of the strong rooms and other things that need to be removed are more costly than converting a former shop. Some former shops closed in that time have been converted into new ones.

 

[cheesefest]

The branches I have mentioned most were built in the 60s, with thanks to old photos.

 

[cheesefest]

There's a pretty strong likelihood that in-store branches will go the same way as cheques over time. The prevalence of digital banking has only been heightened by Covid but was having a huge impact on profitability and usefulness of high street locations anyway.

Side note: unless things have changed recently, the main banks will not own the sites you're referring to, and will have landlord deals in place to maintain high street presence, i.e. commercial lease arrangements. When that's no longer needed (see above), the leases are either terminated or passed on to brokers to on-sell.

Banks only opened 4 hours a day, 4 days a week. Then over social distancing. My bank only let in ONE customer in at a time when it could have four. As people only tolerated so much queuing, they got fed up with the bank queuing. Then banks said “due to declining numbers of some branches will have to close”. Yes they have caused it in the first place! Never understood why banks only allowed one customer. When they could open alternative cashier booths and put up screens between ATMs.

 

[cheesefest]

Not very much these days which was the point of my response. Digital banking/customer not present accounts for a huge percentage of the 'stuff' that customers need. The OP's having a whinge about conflated, yet accurate, points which are a rapid and predictable upswell in non-store requirements plus a pandemic which hammers that nail a bit harder.

That branch numbers are reducing shouldn't be a surprise to anyone.

Most customers who use a bricks n mortar bank are elderly, don’t use and/or can’t afford technology. Think when I walked/drove past bank queues 1 in 15-20 was under 50.

 

[cheesefest]

Some more news about HSBC. Closing more banks and moving to of a more online presence.

HSBC to close 114 UK branches as more people bank online

The Covid pandemic has sped up people moving to online banking, says the bank.

www.bbc.co.uk

During lockdowns banks reduced both opening hours and days. Customers got a bit fed up of queuing, so went online. Banks claimed that no one uses them - as customers were restricted to using them. then close branches.

HSBC have closed four branches around here. Now have to visit Leicester city centre for physical banking.

 

[cheesefest]

They have done exactly the same with cash machines here. There was a massive reduction of holes in the wall and ATM machines and the excuse was nobody used them. Big push to get rid of cash and move to online banking I think it's coming.

Most cash machines went with branches closing. One branch near me had two ATMs outside and now down to one.

Still can’t believe that 1.2m adults are unbanked- don’t have a bank account. They have no idea how much money they are paying extra for services esp with many companies don’t want to know about people without bank accounts

 

[cheesefest]

The Natwest in Whitchurch needed a couple of days notice to hand me £25K in cash, so if they did have a vault, God knows what they kept in it. Barclays were a lot better and just needed the period for the safe timer to count down.

I worked for Yorkshire Bank and the branch there had a massive strong room - similar size to a medium sized lift in a hotel. People kept wills, deeds and jewellery in them. It was storage service YB provided. When a customer needed to access their contents, two of us had to be with them for security. One time I remember doing this was an Asian lady taking various items of jewellery for a wedding - they do wear loads of jewellery for weddings. Another customers' jewellery was in a sports holdall with a combination padlock on it. Very secure - not!

If a customer wanted a certain amount of money or denomination, we had to order this.