THE NatWest branch in Frome is closing in May, due to fewer people using the branch and the rise of online and telephone banking says the bank.
The news follows the announcement last year that Frome’s branch of HSBC is to close in June. Now, NatWest based in the Market Place, will close on 11th May.
NatWest said, “With the ease of mobile and online banking fewer people are coming into the bank. This means we’ve had to make some tough choices about which can stay open. So, we want to make sure that we keep the branches people are using most.”
In a report issued by the bank, it says, “Comparing January 2019 and 2022, counter transactions for personal customers decreased by 44%.
“In 2021, 71% of personal customers using the branch also chose online banking and mobile apps. The Frome branch was used by eight personal customers on a regular basis in 2021 and 112 business customers in the same year.
“Closing a branch is always difficult and not a decision that we ever take lightly. We look at the likely impact on customers; How often customers use the branch and the transactions they’re making; their banking preferences; where the nearest branch and nearest cash machines are; is there a local post office for everyday banking? And all the other banking options: online, mobile, telephone and video banking.”
The nearest NatWest branch for Frome residents to use is in Trowbridge. Cash machines in the town centre are at Nationwide, based in the Market Place, and Barclays on Stony St; and post offices for ‘everyday banking’ are based on Portway, Rodden Road and in Mells.
A spokesperson from NatWest said, “As with many industries, most of our customers are shifting to mobile and online banking, because it’s faster and easier for people to manage their financial lives. We understand and recognise that digital solutions aren’t right for everyone or every situation, and that when we close branches, we have to make sure that no one is left behind. We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.”
For people who do not use online or telephone banking, NatWest provide videos with instructions of how to do this, as well as holding online banking Zoom sessions and support on the telephone.
In a statement on Frome Town Council’s website leader of the councillor Anita Collier said, “We are disappointed to hear that Frome will lose two of its high street banks in the coming months. We understand that people are using bank branches much less than in previous years with nine in ten customers’ contact with the bank now being completed by telephone, internet, or smartphone, and 99% of cash withdrawals made at an ATM. However, for some members of the community this will be a real blow.
“Over the coming months HSBC have said they will support their customers by running community pop up events, which offer financial education as well as support with digital banking and fraud awareness. One-to-one appointments will also be available for those who might have difficult accessing alternative ways of banking and they are able to provide vulnerable customers with free tablets to help them access our digital services.
“NatWest are also encouraging customers to visit the branch where their colleagues will be ready to answer any questions.
“The Health Connections team at Frome Medical Practice are also able to help people get digitally connected. They run a Digital Café at the Cheese and Grain every Thursday from 10 – 11:30am, to assist those struggling to understand their devices or with questions about their technology. Frome Community Education also run sessions upstairs at the Cheese and Grain on Mondays and Wednesdays from 10am – 12pm.
“We are looking into how the building will be used going forward so please keep an eye out on our website and social media for further updates.”
For support with NatWest banking ring NatWest on, 0121 380 6528.