At a micro level, this week the English town of Leek in Staffordshire was dealt a huge blow. The NatWest branch closed its doors permanently on June 4. Residents are now cut off from any NatWest service as a result of this closure. This comes on the heels of a second branch shutdown in neighboring New Carlisle, ending the bank’s long-standing presence in the small community.
Local resident Rob Furmston, who organised the protest on social media, said, on what was occurring, that at one point Leek had two NatWest branches. But now, with not a single one of those locations left, residents have to find other banking options. NatWest attributed the closure to a growing trend of customers opting for online banking services, contributing to the decline of traditional branch visits.
Allan Clarke, 75, has been a NatWest customer since the age of 16. He explained to me his anger, his hurt, his frustration of what’s happening in this world. “I’m not very happy about the NatWest closures,” he stated, highlighting the emotional connection many residents have with their local bank.
The effects of the closures reach far beyond personal banking. From restaurants to retailers, local businesses are buckling under the stress. Angela Golding, who works at the Delia Metcalfe store, addressed how important cash transactions are to their bottom line. We prefer the cash because it puts an end to the card processing fees. In these years, older Americans have rediscovered their joy in giving larger amounts of cash to their grandchildren. Nobody could pretend everybody doesn’t need cash and we all don’t use it,” she noted.
Business owner Stephen Lanza of Mosaic Boutique agreed, calling the bank closures “very shocking.” He doesn’t want people using credit cards or debit cards. This decision underscores the legitimate fears local merchants have about being able to operate in our ever more cashless world. When using cash, you clearly know what you’re spending. What people don’t realize is when you pay by card, the retailer is not even getting the full amount,” he explained.
This leaves residents with few immediate options to meet their banking needs. Telephone banking is very simple to use. Or, go to a community banker or use service at any Halifax, Lloyds or Bank of Scotland branches. As a Halifax spokesperson pointed out, over 20 million of their customers use their apps to do their banking every day. This trend is representative of a broader pivot towards digital solutions across the financial landscape.
Local resident Kerry Ashdown expressed her dismay at losing two banks, stating, “It’s terrible to lose two banks, especially the NatWest.” Rob Furmston, who has been involved in the archives for more than 35 years, perhaps spoke for most when he asserted that the closure is “simply sorry.”
