Lloyds Bank in Burnham-On-Sea could be turned into a new community banking hub under new proposals from the Town Council this week to retain some banking services in the town centre.
Burnham and Highbridge town councillors have voted unanimously in favour of writing to Lloyds Bank to make the proposal.
It comes after we reported here that Lloyds Bank in Burnham High Street will shut down on November 13th, 2024 due to a decline in use caused by a rise in digital transactions.
The community banking hubs are run by the Post Office and operate with representatives from the big banks – Lloyds, NatWest, HSBC, Barclays and Santander – on site at various times of the week. They offer help covering issues such as arranging mortgages, helping with financial scams through to lasting powers of attorney.
Mayor Cllr Lesley Millard said: “I’m proposing we ask Lloyds whether they would consider establishing a community banking hub here to keep some banking services in place.”
Burnham councillor Cllr Ganesh Gudka added: “This is not just about access to cash – there are times when people need to speak to a banker face-to-face for verification reasons, loan applications and other reasons. We should push the bank to recognise that. It is often the case that it’s the most vulnerable in society who need a face-to-face facility.”
“We should make the case to Lloyds that they have an opportunity to create something positive here before they give up the lease on that building. They need to stop and rethink.”
Town councillors voted unanimously in favour of pursuing the proposal further.
Nationwide will become the last bank in Burnham-On-Sea after Lloyds closes. Local businesses are concerned about this since Nationwide does not offer business banking.
A spokesperson explained 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.”
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.
Also see: MP’s dismay over Lloyds Bank’s decision to shut in Burnham-On-Sea
