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Bank branches closing - alternatives


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Another one has been announced for Cornwall, I won't bother linking because that's all it is, but there has become a certain inevitably about this with the endgame being IMO one branch per bank per rural county and one per big city.

The reason given is the usual: banking transactions reduced and people also using online.

The only "banking services" I've ever used, bar maybe once or twice, were drawing cash from the cash point and paying in cheques.  I can still do those at supermarkets / post offices so it's not a big deal for me.

For banks they are an expensive overhead and they're just going to chop them leaving the ones I suggested which will be more meeting space and office IMO.

To me that all makes sense for them but then it means that I have no reason to remain with my particular bank with which I have a current account and credit card. I don't do online banking because I don't do any transactions that require it.

I was wondering if the Post Office did standard banking as there are several such branches in most towns but I looked on their website and received the odd advice that current accounts are closed.  Which I don't understand.

Current Accounts

Post Office Money® Current Accounts are currently unavailable 

 

All Post Office Money current accounts are closed

https://www.postoffice.co.uk/current-accounts

Can anyone explain or suggest an alternative?

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1 hour ago, Frank Hovis said:

https://www.postoffice.co.uk/current-accounts

Can anyone explain or suggest an alternative?

Post Office doesn't have a banking license so its accounts were only ever re-badged Bank of Ireland. Think they are having a bit of a slim-down to their business model in the wake of losing the court case and because of c19 - for example their foreign currency business has taken a big hit and I suspect they were thinking of stopping it anyway because of competition from all the fintech alternatives.

I use Revolut for everything and it seems to be OK but like you I don't do a lot of traditional-style transactions these days.

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6 minutes ago, Funn3r said:

Post Office doesn't have a banking license so its accounts were only ever re-badged Bank of Ireland. Think they are having a bit of a slim-down to their business model in the wake of losing the court case and because of c19 - for example their foreign currency business has taken a big hit and I suspect they were thinking of stopping it anyway because of competition from all the fintech alternatives.

I use Revolut for everything and it seems to be OK but like you I don't do a lot of traditional-style transactions these days.

Thanks; that makes sense of it.

All the high street branches disappearing from the high streets seems a golden opportunity for them to step in and hoover up all the non-online banking.

I will have a gander at Reolut but it doesn't sound to be what I'm looking for though I'm purely basing that upon its "edgy" name.

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5 minutes ago, Frank Hovis said:

Thanks; that makes sense of it.

All the high street branches disappearing from the high streets seems a golden opportunity for them to step in and hoover up all the non-online banking.

I will have a gander at Reolut but it doesn't sound to be what I'm looking for though I'm purely basing that upon its "edgy" name.

Banking for the unsophisticated ...

Problem is theyd get all the poor customer that waste all your time n money.

The people who do their banking on line and never use a cashier (I dont think I have in 15 years, the few cheques I get aer posted in the ATM) sub the little old ladies you cash in 2ps.

 

 

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1 hour ago, Frank Hovis said:

To me that all makes sense for them but then it means that I have no reason to remain with my particular bank with which I have a current account and credit card. I don't do online banking because I don't do any transactions that require it.

That's actually a really good point, traditionally you banked with whatever bank you had closest.

Remove the branches and you remove an notion of loyalty and customer retention.

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2 minutes ago, gilf said:

That's actually a really good point, traditionally you banked with whatever bank you had closest.

Remove the branches and you remove an notion of loyalty and customer retention.

Yes, I changed banks some years ago to one which had a branch near me. It promptly shut.

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11 minutes ago, MrPin said:

Yes, I changed banks some years ago to one which had a branch near me. It promptly shut.

I had a post office current account until they shut them down. Transferred in March 2019 to Monzo, been very good so far. No credit card available though, doesn't bother me I don't want one but some might.

 

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6 minutes ago, Option5 said:

I had a post office current account until they shut them down. Transferred in March 2019 to Monzo, been very good so far. No credit card available though, doesn't bother me I don't want one but some might.

 

I always want a credit card for foreign holidays and my once a year, if that, internet purchase because of the protections around it.

I don't however "need" it apart from these but keep it running by buying all fuel on it from the two garages I always use (cash if somewhere else as isolated garages are notorious skimmers).

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It's a big issue going forward.

We've had problems with our business bank (Co-op) in terms of the BBLS loan and also their new crap website. Trustpilot is hilarious - negative reviews by the bucketload.

Of course, they closed our local branch a couple of years ago. The nearest one is now 40 miles away (and we live in a city not the highlands)

Impossible to get through on the phone (one hour minimum waits at best)

No answer to emails.

The only reliable form of communication is facebook and the people I conversed with were useless. I would have got more sense out of a primary school class.

In the end I had to print out our BBLS application and send it in the post.

If they want to introduce money controls we've had it. Other than marching down to a banking HQ with pitchforks nothing we can do.

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Post office takes natwest cheques. They have an envelope to put it into and you get a receipt to say you've handed something over. Have used it twice now. Most recently during covid. Not too bad a wait for it to go in - a few days. 

Barclays and one other I think do payment in via phone app but only for small cheques. 

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12 minutes ago, sarahbell said:

Post office takes natwest cheques.

The post office takes Santander, and many others, when you need a cheque paid in. It's very handy as Santander don't live here any more.

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44 minutes ago, sarahbell said:

Post office takes natwest cheques. They have an envelope to put it into and you get a receipt to say you've handed something over. Have used it twice now. Most recently during covid. Not too bad a wait for it to go in - a few days. 

Barclays and one other I think do payment in via phone app but only for small cheques. 

Do you know if the £2,000 limit applies to that Sarah? 

When the branch near my work closed they said you could pay in any cheques up to £2k at the Post Office but the implication was that this was paying in as you would at a branch - paying in book squiggled and stamped - rather than a sealed envelope.

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3 hours ago, Frank Hovis said:

Do you know if the £2,000 limit applies to that Sarah? 

When the branch near my work closed they said you could pay in any cheques up to £2k at the Post Office but the implication was that this was paying in as you would at a branch - paying in book squiggled and stamped - rather than a sealed envelope.

I very occasionally pay in at the Post Office. The cheque and paying-in slip go into a bank-provided envelope which is merely a routing mechanism for the usual bits of paper.

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4 hours ago, Frank Hovis said:

Do you know if the £2,000 limit applies to that Sarah? 

When the branch near my work closed they said you could pay in any cheques up to £2k at the Post Office but the implication was that this was paying in as you would at a branch - paying in book squiggled and stamped - rather than a sealed envelope.

Post office don't care how much the cheque is I don't think. The app is 250 max though. 

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I was with RBS..now TSB for business.

Both of which I could and can deposit cheques at the Post Office.

You have to use a special envelope from the PO for each bank and your own paying in slip.  I have paid in 4 or 5 k in cheques at one time without issue.

Avoid "paydays" and go first thing..great..PO 3/4 mile away. Its the only face to face service I use banking for.

Personal banking. I am the classic student sucker. Never bothered to move or change. Cheques go in the post and never had any issues.

Never had to go in to the branch since I left Scotland 22 years ago.

 

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7 hours ago, sarahbell said:

Post office takes natwest cheques. They have an envelope to put it into and you get a receipt to say you've handed something over. Have used it twice now. Most recently during covid. Not too bad a wait for it to go in - a few days. 

Barclays and one other I think do payment in via phone app but only for small cheques. 

HSBC accept cheques via the app (personal current account) - unlimited number of cheques per day, but maximum total is £750.  Individual cheque limit is £500.

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3 hours ago, The Grey Man said:

 

Personal banking. I am the classic student sucker. Never bothered to move or change. Cheques go in the post and never had any issues.

 

 

Still have my Lloyds account from when I was a student. Have been round every bank nearly since.

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I was able to pay £500 cash into my royal bank of Scotland account at the local post office last week using my debit card. Went into my account instantly.

Prior to Covid changes there was a mobile banking van once a week in the town where cash could be paid in.

I’m pretty certain that only cheques could be paid to my rbs account at the local post office using a specific envelope last year.

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People that don't internet are going to have a big problem within the next 5 years.

They won't be able to get money or use the money to buy things as there will be fewer shops, buses etc. Life is going to get very expensive.

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On 23/07/2020 at 18:53, 201p said:

People that don't internet are going to have a big problem within the next 5 years.

They won't be able to get money or use the money to buy things as there will be fewer shops, buses etc. Life is going to get very expensive.

I disagree.

As Sweden has found going full tilt cashless causes huge problems for those who cannot for whatever reason cope with anything other than simple cash.  The elderly, those with disabilities.

So laws are coming in to insist that cash must remain available and shops must take it otherwise they will be discriminating against (genuinely) disadvantaged groups.

I use it through personal preference and am certain that it isn't going anywhere.  Not because I want to use it but because the above people can't cope with anything else.

Maybe cashless will hit 90%; it will never however hit 100%.

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