TSB closing more branches......where is it going to end ?

[MontyVeda]

We have been with TSB since 1969.
They have announced a further 70 closures for next year
They closed our local branch last year ........beyond me as there always queues so must have been popular.
I am 74 and never been good with computers etc but can just about manage online banking.
There must be many people who just cannot do it and now have no local branch.
Seems as though they no longer care about people

Or more likely they're simply responding to the way the world is changing.

 

[SpokeyDokey]

Serious question.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

 

[Electric_Andy]

Yes it must be hard for people who don't/can't do online banking. But in terms of current accounts they are pretty much providing a free service, which they have to pay for, so getting rid of a branch is a cost saver to them. The last time I used a physical branch was to draw out £2k to buy a motorbike, and then again to deposit cash from sale of another motorbike. But now bank transfers are pretty much instant, I don't think I'll ever need the branch again.

Just out of interest (no pun intended), what are people using physical banks for that can't now be done online?

 

[Dag Hammar]

At this very moment I am holding a cheque that was sent to me through the post. No hurry to bank it, it will hold good for at least a couple of months until such time as I find it convenient to go into town ( on my bike, by the way ).
I then have a choice to use any one of three accounts with three different banks.
See, hedge your bets and don’t rely on having only one bank account.
I see no reason to be “loyal” to any particular bank. They are in business to make a profit which I accept.
And for those people that think changing bank accounts is difficult, most banks offer a switching service and if you are smart when doing so, several banks offer a monetary incentive for switching.

 

[yello]

For anyone who struggles with online banking - how do they cope with the rest of their life?

Not sure if there's any implication with that question, I'll assume not so I'll play it with a straight bat - it's not easy and they struggle.

There are concepts that underpin computer literacy that people simply do not have (nor am I critical of them for that). Watch 'I, Daniel Blake' for an example. These people are by no means stupid, they've just never had experience of the world of high-tech, or simply never 'got it'. Get by? They're sadly easily ripped off and generally disadvantaged.

Hopefully, with the passing of time and increased education, the number of people in this position will reduce - but I suspect they'll always be those that aren't able to get to grips with it.

 

[ianrauk]

Serious question.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

If they can use a social media platform/forum, then they can use online banking.
I really cant remember last time I used a bank. In fact, I don't know anyone who uses a bank these days. Bricks and mortar banks days are numbers. Its a shame, but that's the way it is.

 

[CanucksTraveller]

Just out of interest (no pun intended), what are people using physical banks for that can't now be done online?

A friend of mine is a Branch Manager for one of the big high street banks in a fairly deprived part of the country. I have wondered what sort of people physically use a branch and I did ask her this a while back. She said it's all sorts demographic wise (i.e. age, sex, race), but a high number are people that just aren't very good with either computer literacy, numeracy, or understanding money, and they often need help. Some of them are old, many are what she described as poorly educated / uneducated, disadvantaged, some of them are in trouble after overspending or sometimes being scammed, and therefore need to be (or will benefit from being) coached in person. Some live in a mostly cash only economy and have to have somewhere to put what they've earned so that their few automated outgoings are covered. Some are in to buy financial products, loans, overdrafts, savings account, credit cards etc, but they prefer to talk it through with someone as they either can't be confident they'll get it right online, or they just might not have the technology to do it.

They're sadly easily ripped off and generally disadvantaged.

This is very true and my friend shares that view. Some of the people that come in have already lost money through online misunderstandings, confidence tricks and scams, even real life, physical world confidence tricks and scams involving people they know. People that like to bank in person are somehow also the most easily taken advantage of.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

Some don't, not very well, that's what I learned from conversations with my friend. Some of the bank customers are life's unfortunate waifs and strays, some can't boil a kettle safely let alone do a transfer of 3 grand to a new payee. They tend not to be very good at handling life in general.

 

[Mo1959]

Serious question.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

I know my dad would never have managed. I even paid for broadband for him for a while and tried to show him the basics but he never seemed capable of picking it up.

 

[BoldonLad]

Serious question.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

I don't remember that last time I actually visited my actual bank branch.

But, there are a significant number of people who do not own a computer/tablet/smartphone, which would present a bit of a problem to go completely "online".

Personally, I don't understand the obsession with cash, several of my OAP Pals still (or did until very recently) collect their State Pension in cash, each week, from the Post Office. I don't understand them, why not get it paid into your bank, pay by card, and use an ATM when cash is needed, pay bills by DD. Much more convenient.

But, having said all that, there are, of course, a significant number of people who simply don't cope with "every day life".

 

[HMS_Dave]

I used to bank with TSB for my personal banking, i do have a business account with another bank, but after shutting down my 3 nearest branches i would have to travel 30 minutes to my nearest one, pay for parking and walk into the town, that's time and money... Not normally a problem as i suspect like many, most is done on internet but i did have to go when i had an issue with my online login which required me to visit a branch with identification. I decided that it was important for me to have a branch within reasonable distance so i voted with my boots...

 

[ianrauk]

Personally, I don't understand the obsession with cash, several of my OAP Pals still (or did until very recently) collect their State Pension in cash, each week, from the Post Office. I don't understand them, why not get it paid into your bank, pay by card, and use an ATM when cash is needed, pay bills by DD. Much more convenient.

But, having said all that, there are, of course, a significant number of people who simply don't cope with "every day life".

This /\
My partners mother even still tries to pay by cheque in the supermarket bless her. The family have tried but to no avail.

 

[Cycleops]

The reminders they send out to tell you that you owe them money do tend to be on the harsh side though.

......and I don't fancy sleeping with the fishes.

 

[Electric_Andy]

But, there are a significant number of people who do not own a computer/tablet/smartphone, which would present a bit of a problem to go completely "online".

Now that I think about it some more, my late Gran and her son were/are like this. Gran used to keep the books for the family business, it was all cash and she'd walk into town to pay money in (Lloyds branch is long gone). She did all the books by hand, and refused to have a bank card. My uncle is fairly bright but like lots of farmers of that generation, is sceptical and untrusting of the world in general. Up until a few years ago he had a mobile phone but kept all his contacts written in a pocket book and dialled the number every time

 

[nickyboy]

The reality is that all those customers that went to physical branches and had a small amount in an account with the bank got free banking and it was a ridiculously good deal for them. The cost of providing this service was a fortune for each customer but the banks took it on the chin

Maybe the answer is for the Post Office to provide the banking, but at a realistic price for the costs involved? Of course the argument will be that this disenfranchises those that can't afford to pay. But they've been getting something for nothing for many years. The only alternative is that these costs are subsidised (that is, you and I pay to keep physical banking so that they don't have to pay themselves)

So what's it to be?

1. Allow market forces to dictate, in which case we end up with a rump of unbanked population as the likes of the Post Office would charge maybe £250 per year to bank with them
2. You and I pay to keep physical banking free(ish) for those who cannot cope with internet banking

 

[mistyoptic]

Serious question.

Foranyone who struggles with online banking - how do they cope with the rest of their life?

Personal experience of this with the Parents-in Law is that Online banking is a step too far. To be fair, they were dumped in it at the deep end as a result of lockdown. Because we couldn't visit it was hard to help. "What does it say on the screen?" or "look at the list of options on the left hand side" did not go well. They're in their 80s and they DO struggle with some aspects of everyday life. The last two years have really disorientated them.

I'm sure they're not the only ones