Burnham-On-Sea’s branch of Lloyds Bank is set to permanently close down from today.
Lloyds Bank in Burnham High Street is closing due to ‘declining use caused by a rise in digital transactions’, says the bank, as reported here.
Lloyds Banking Group has shut at least 276 of their bank branches in 2023 and 2024.
A spokesperson explains: “The world is becoming more digital than ever before and more of our customers are doing their everyday banking online. With more customers banking digitally, we’ve seen a fall in branch visits. Because of this, we’ve decided to close this branch.”
Lloyds told Burnham-On-Sea.com that just “332 customers used the Burnham-On-Sea branch regularly in the 12 months to July 2023” when it first announced the closure.
It adds that transactions at the Burnham-On-Sea branch have shown a big decline over the past five years.
Branch transactions by personal customers fell 48 per cent between 2018-2023. And Business transactions at the branch over that same period fell 42 per cent.
Lloyds adds that cashpoint machine usage at the Burnham-On-Sea branch has also fallen as people move to credit and debit cards instead of cash.
Cash machine transactions at the Burnham branch by personal customers between 2018-2023 fell 37 per cent. And Business transactions using cash machines fell 26 per cent.
The closure will mean that Nationwide will be the only remaining bank in Burnham-On-Sea.
Nat West shut down its Burnham-On-Sea branch in October 2017.
Barclays Bank also closed its Burnham-On-Sea branch in 2018.
And HSBC also shut its branch in Burnham-On-Sea’s College Street during 2017.
The nearest Lloyds branches to Burnham following the closure will be at Bridgwater and Weston.
It comes as the Town Council continues to pursue plans for new community banking facilities in Burnham-On-Sea to offset the impact of Lloyds closing.
