Today, I received notification from Barclays Bank located at 29-31 Wormwood Street, London, EC2M 1RP that they will be closing their Bishopsgate branch on 6th September 2024.
In their correspondence, they state:
“The decision to close a branch is never an easy one, however, the way people bank today is unrecognisable from 50 years ago when almost every banking transaction took place in a branch. Now, that number is less than 10 per cent, and we need to make sure that we are providing our services in ways that best reflect customers’ needs, including outside of traditional branch formats.
This ongoing change in behaviour means we are seeing a sustained fall in customer transactions across our network, and this is reflected at the Bishopsgate branch where there has been 58 per cent reduction in counter transactions in the last twelve months, compared to the twelve months to March 2020. In addition, we can identify that 95 per cent of our customers at the branch are using alternative ways in which to undertake their banking, including via the telephone, online and mobile app.
Despite the branch closure, we are confident that access to banking remains sufficient in the local community; everyday transactions can be completed at any Post Office, with the closest located at 45 London Wall, London, EC2M 5TE, a short distance away. There are a number of free-to-use ATMs within one mile, with the nearest located at Liverpool Street Station, while the closest Barclays branches are located in Moorgate and Fenchurch Street, both within 0.5 miles.
We appreciate that not all our customers will adopt change at the same pace, and we would like to underline our commitment to supporting our vulnerable customers through this change. We have identified 67 customers who use this branch exclusively for their banking and do not interact with us in other ways. We will be making personal contact with our vulnerable branch users to discuss their options and guide them through alternative ways to bank.
The branch closure will be in accordance with our regulatory obligations. This means all our local customers will be informed of our decision at least 12 weeks before the closure via letter. We will also make available our Reasons for Closure document. We will also ensure a community has access to cash including working with the LINK process where an assessment has been made to provide additional services.
We appreciate you may receive queries from local people on this matter and want to make sure you are prepared with the relevant information in this event.”
Anyone with any concerns or issues can contact the Barclays Bishopsgate branch directly on 0345 734 5345.