FROME’S branch of HSBC located in the Market Place is set to close next year, as part of series of branch closures that HSBC UK is making to its branch network in 2023.
HSBC UK announced last week that it has identified 114 branches that will close, including Frome’s branch in June next year. The nearest HSBC branch for Frome residents will then be Trowbridge or Bath.
Following the announcement, Sarah Dyke, Liberal Democrat Parliamentary candidate for Somerton and Frome, has called for an emergency meeting with Mendip District Council and HSBC.
Sarah Dyke said, “Banking facilities in Frome are diminishing and closing this branch will impact vulnerable and elderly residents who rely on the bank for vital services.
“I am disappointed that HSBC have chosen to make this decision now in the middle of a cost-of-living crisis. Staff will lose their jobs and local residents, charities and businesses will have to travel further to use in-branch services.
“It is vital that everything that can be is done to stop the closure. It’s simply unacceptable to expect older and more vulnerable members of our community to have to commute to Trowbridge or Bath just to visit their bank. These plans do not take into account the impact it will have on our community. It seems HSBC are happy to put profits before their customers yet again.
“There is a cost-of-living crisis and HSBC is putting a barrier between some of the least well off and crucial financial services. HSBC need to reconsider these proposals and protect bank provision in Frome.”
Frome Liberal Democrats and Sarah Dyke have started a petition, Keep Frome HSBC open! The petition can be accessed at www.somertonandfromelibdems.org.uk/hsbc
Explaining the reasons for closing 114 of its branches, HSBC UK said, “Over the past five years, use of the bank’s branch network by regular customers has fallen by 65%. Footfall in the vast majority (74%) of closing branches has reduced by at least 50%. The decline in branch use has accelerated so much since the Covid-19 pandemic that some of the branches closing are now serving fewer than 250 customers a week.
“Conversely, the growth in adoption of remote banking shows a digital-first approach is how more and more customers now want their needs met. Over nine in ten transactions (97.5%) are now completed digitally; usage of their mobile app has almost tripled (up by 280%) since 2017; 250% more digital payments made than five years ago.”
Jackie Uhi HSBC UK’s managing director of UK distribution said, “The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our ‘post closure’ strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking.
“Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter. In addition to our branch network, customers can access services through the Post Office network, our community pop-ups and soon-to-come banking hubs, alongside live chat, social media and through telephone banking.”
