THOUSANDS of bank branches and cash machines have vanished in the past decade.
Last month, amid a fresh wave of closures, it emerged another 250 branches will go this year.
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As services move online and more shutters come down, an increasing number of elderly and rural customers are cut off.
But what are the alternatives?
We look at closure chaos — and how customers can mitigate it.
THE BIG PICTURE
OUR high streets have lost 5,207 bank branches since 2015, according to consumer champion Which?.
Barclays has axed the highest number and cut those in operation by 70 per cent in the last eight years.
Meanwhile, building society Nationwide has seen the lowest number of closures after shutting just 15 per cent of its branches during the same time.
Around 2.7million people no longer live within two kilometres of a bank branch, free ATM or Post Office.
ACCESS TO CASH
THOUSANDS of free cash machines continue to disappear.
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The number of ATMs has dropped by 26 per cent, from 70,588 to 51,272, since 2015.
And more than 11,000 of these charge customers to use them, says Link.
Shoppers can request a maximum of £100 cashback for free at some 2,000 shops without having to make a purchase under a Link scheme.
See link.co.uk/consumers/locator to learn more.
FINDING AN ALTERNATIVE
YOU can use one of the Post Office’s 11,635 branches to perform basic banking tasks — but not open new bank accounts or take personal loans and mortgages.
Banking hubs, which offer traditional services, have been set up in four locations around the UK to help plug the gap — in Brixham, Devon; Cambuslang near Glasgow; Cottingham, East Yorks; and Rochford, Essex.
Nine others were announced last week, while a new company, Cash Access UK, has been set up to oversee more.
Sam Richardson of Which? said: “These alternatives play a part in ensuring those who want to access cash can do so.
“What’s needed most is the Government’s long-awaited new laws ensuring guaranteed mini- mum levels of free access to cash, so people don’t have to fork out to get hold of their own money.”
HOW TO GET ONLINE
MOST banks offer telephone, online and mobile banking — but thousands of customers aren’t equipped to readily access these.
Charities such as Age UK offer help and advice, as well as local face-to-face classes, which you can find online at ageuk.org.uk/services/in-your-area/it-training.
Most banks will offer lessons and some are better than others at helping digital newbies.
Caroline Abrahams, of Age UK, said: “Closing a branch saves a bank money, but it’s not what many older people want or need.”
THE FUTURE
THE Financial Conduct Authority, which regulates Britain’s banks, is there to ensure customers are treated fairly when branches shut.
Plans should be explained clearly 12 weeks in advance and alternative solutions offered.
These can include newly installed ATMs, banking access via a Post Office or the opening of a shared banking hub or mobile service.
New laws to protect access to cash mean more shared hubs will open when branches close.
‘My bank is mile away but I can wait two hours for bus’
RETIRED labourer Eric Bridges has to wait up to two hours to get a bus a mile away to his nearest branch in Swindon town centre.
The 91-year-old said: “It only runs three times a day, so it means waiting for two hours before I can get the return bus home.”
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Like many, Eric relies on cash to pay his hairdresser, gardener and handyman.
He can use his local shop for cash back, but Eric, who has arthritis and poor eyesight, said: “I worry that I might be at risk of being mugged with the money on my way home.”
MILLIONS ARE LEFT STUCK WITH NOT-SO-SMART METERS
MILLIONS of energy customers are stuck with “dumb” smart meters due to a loophole in regulator rules.
Around 3.8million of the 30million meters in homes across the UK are operating in dummy mode.
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They were first introduced to homes in 2011 and the Government set a target of having one in every home by 2020. This has since been revised to 2025.
This week, thesun.co.uk/money shared the story of baffled EDF customer Jeremy Lister, as the Energy Ombudsman reported increasing complaints about smart meters.
Jeremy, 65, a retired electrical designer, complained to EDF and took his case to the ombudsman – but a loophole in the rules mean he has hit a brick wall.
Jeremy, of Pontefract, West Yorks, said: “It’s infuriating because I’m not getting the benefits of a smart meter.
“I have to manually report my readings to EDF. And I can’t understand how I use my energy because my in-home display (IHD), which tells me the cost of my daily usage, is completely redundant.”
The ombudsman told him his complaint against the energy giant could not be upheld because of a rule set by industry regulator Ofgem, that says all smart meters need to be operational by 2025.
This means EDF is not liable to fix or replace the meter until this date.
The benefits of a smart meter can be seen on your energy bill, as gas and electricity costs soar.
It could save people hundreds of pounds a year, as it helps you track your energy use.
Having a non-functioning meter also means you are unable to take advantage of cheaper electric vehicle and solar tariffs, as well as taking part in the demand-flexibility service tests from the National Grid, which pays households for cutting their usage.
An industry insider told The Sun on Sunday there is a financial disincentive for suppliers when it comes to replacing dumb smart meters.
They said: “If a customer calls up their supplier and explains that their smart meter and IHD are not working correctly, the energy supplier would have to pay around £300 per meter if they were to choose to replace them.
“This is a financial disincentive to upgrade these legacy meters but this leaves millions without future-proofed meters and full smart- functionality.”
Ofgem said suppliers must follow “licence conditions”, which include taking steps to operate smart meters, but there is no guidance on how long repairs take.
A spokesman for EDF Energy said: “We’re sorry to hear about the problems Mr Lister has been facing and are investigating this as a priority.
“We remain committed to helping as many customers as possible, including providing debt relief and installing energy efficiency for those in fuel poverty.”
