TSB announces branch closures

TSB has announced it plans to close two Edinburgh branches and operate reduced opening hours in seventy more across the country.

TSB branches on Lothian Road and West Maitland Street will close in July, while  other branches – including Morningside and Portobello – will operate reduced hours. It’s understood both Boswall Parkway and Leith Walk branches will be unaffected by the July changes.

Justifying the closures in a statement on their website, TSB said: “In line with the Lending Standards Board Access to Banking Standards, we are conducting comprehensive reviews of the impact of any branch closure on the local community.

“We are taking great care to ensure our customers know what their options are and helping them with the change, including providing details on alternative banking options and offering special ‘get me started on digital’ meetings to help people get comfortable with new technology and any concerns they may have. All of the reviews that have been conducted so far are published on our website and are made available in the branches affected.

“TSB also has an agreement with the Post Office, meaning personal and business banking customers are able to use local Post Office branches to check their balance, make cash withdrawals and make cash and cheque deposits.

“TSB remains committed to having a strong branch network. There will also be no job losses as a result of these changes, with all Partners in the closing branches being offered roles in other nearby branches.”

The Federation of Small Businesses Scotland has around 19,000 members and the organisation believes the changes will be damaging for both businesses and communities. 

Andrew McRae, FSB’s Scotland policy chair, said: “This looks like TSB is reducing opening hours in branches up and down Scotland before closing their doors for good.

“In scores of communities these changes will reduce local footfall, hurting the vibrancy of many of our high streets. It will make it more difficult to run a business, especially if you operate in our cash-dependent retail and hospitality industries.

“UK Ministers must stop sitting on their hands when it comes to bank branch closures and uncertainty over our ATM network. We need to see policymakers look at the impact of these sorts of closures on the economic health of local communities.”

SNP MSP Gordon Macdonald (above) has called for reassurances that local bank branches will remain open in Edinburgh, after concerns over the number of banks and building societies which have closed across the country were raised.

A Which? study revealed that 52 banks and building societies have shut their doors in Edinburgh, and almost 400 banks and building societies have closed across Scotland since 2015.

Communities across Scotland are rightly concerned about the impact of the decision to close will have on local businesses, employees, the elderly and vulnerable and all those who need access to banking services.

SNP politicians have been arguing for the reversal of hundreds of bank branch  closures across Scotland, and a Holyrood committee urged that banks should be required to consult with customers, businesses and the wider community before closing local branches.

Gordon Macdonald MSP has consistently raised concerns about the closures and the impact that it has on a substantial number of elderly and vulnerable people, as well as small businesses and local economies.

The Pentlands MSP, who sits on The Scottish Parliament’s economy committee, also wrote to Equalities and Human Rights Commission with concerns about the lack of disability access on the replacement mobile banks.

Despite repeated calls for action, and its role as majority shareholder in RBS, the Tory Westminster government has failed to lift a finger to prevent the closures.

SNP MSP for Edinburgh Pentlands, Gordon Macdonald said: “These bank closures contribute to a lack of banking facilities, which will hit local families, small businesses, and tourism across our Capital. 

“More and more of us do our banking on the internet or by phone, but that simply isn’t an option for everyone. A face-to-face banking service is indispensable for many people, and banks must engage with people and businesses on their needs before deciding to close yet another branch.

“It would be a huge loss to Edinburgh to see even more branches shut their doors – this could leave a significant number of elderly and vulnerable people without the necessary level of face-to-face service.

“My SNP colleagues and I will continue to fight for urgent action to ensure our communities have full access to adequate banking facilities.”