Burnham-On-Sea’s MP has spoken of his dismay at Lloyds Bank’s announcement that it will close down its branch in the town in November next year.
Burnham-On-Sea.com reported here that the branch, in Burnham High Street at the junction of College Street, will shut for the final time on November 13th, 2024.
Burnham’s MP James Heappey says he is “deeply disappointed” by the decision Lloyds have taken.
He adds: “They’re absolutely right that more and more transactions are done digitally and many people are comfortable banking by app or with cashless transactions. However some other people are less comfortable with these alternatives and for them physical banking remains a necessity.”
Mr Heappey adds: “With only one bank now left in town, I urge people to reward Nationwide with their business so that they can justify remaining for good.”
Town councillor Cllr Ganesh Gudka gave his reaction: “We understand we are not the only town suffering the withdrawal of banking services and that it is difficult for the banks to run branches economically as more of us move to online banking.”
”However we also need them to recognise that some of the most vulnerable in our society are also the most reliant on access to face to face banking.”
”We urge the major banks to work together to offer facilities everywhere, perhaps through the extension of banking hubs or mobile services to towns such as ours where we will now only have one branch left of any bank.”
Lloyds Banking Group has announced that they will shut at least 276 of their bank branches in 2023 and 2024.
A spokesperson explains the Burnham closure: “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.”
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 the Nationwide Bank will be the only remaining bank in Burnham-On-Sea. Nat West shut down its Burnham-On-Sea branch in October 2017. And Barclays Bank also closed its Burnham-On-Sea branch in 2018. HSBC also shut its branch in Burnham-On-Sea during 2017.
The nearest Lloyds branches to Burnham following next year’s closure will be at Bridgwater and Weston.
A Lloyds spokesperson confirms: “The Burnham-On-Sea branch will close on 13th November 2024. 75% of our personal customers already use other ways of banking, such as mobile, internet or phone banking, as well as other branches.”
“The nearby Post Office, which is a three minute walk away at 6 Victoria Street, offers personal and business customers everyday banking services, access to cash, paying in of cheques, and more.”
“The nearest free-to-use ATM is a short walk away (0.03 miles), and there are ten free-to-use ATMs within one mile of the closing branch. Customers can use any Lloyds Bank branch for their banking, alongside other options such as the Post Office, online, mobile and telephone banking.”
”In the run up to the branch closure, branch staff will be on-hand to offer support and guidance on the ways customers can bank with us. After the branch closes we will have a Community Banker visit the area, who will continue to offer face to face targeted support for as long as the community needs it.”
”We will discuss with local communities which locations would be appropriate for our Community Banker to set up in, and on which days.”
