Community upset as last bank closes

In the early months of next year, the NatWest branch in the market town of Bakewell is set to close, resulting in the entire area becoming “de-banked.

At noon on a Friday, a substantial line has developed within the NatWest branch in Bakewell, the solitary bank still operational in the entire Peak District.

The pair of staff members currently on duty are attending to a continuous influx of customers, which includes seniors with inquiries, individuals cashing cheques, and business owners collecting change for their shops.

However, the queues will soon dissipate, given the branch’s planned closure in early 2024, provoking both anger and authentic concern among the town’s residents.

Among those waiting in the queue was Darren Marsden, a 49-year-old butcher at Critchlow’s farm shop across the street. He left a few minutes later, carrying bags of coins to ensure the till remained stocked throughout the weekend.

“It’s going to be terrible. I don’t have a bank card, never had one, so I don’t know what I’m going to do,” expressed a woman as she exited the premises.

According to ONS data, the Derbyshire Dales boasts one of the highest proportions of elderly residents in any constituency in the UK, with over 35% of the population aged 60 or over.

Apart from ATMs and a post office providing limited banking services, the closest bank branch is located in Matlock, nearly a 20-minute drive from Bakewell. For some of the surrounding villages, the distance is even greater. The nearest NatWest branch will now be in Chesterfield, almost half an hour away.

“People are scared. How can they simply de-bank an entire town, an entire district? There’s no regard for being the last bank, especially in an area with a high proportion of elderly residents,” remarked Sarah Dines, the local Conservative MP, who has initiated a campaign to preserve the bank.

“I don’t anticipate them subsidizing branches that operate at a loss, but there is a middle ground where we should take into account the impact on the community.”

NatWest, of which 39% is owned by the taxpayer, stated that the closure of the branch is due to the fact that staff were consistently assisting only six customers each week, and counter transactions for personal customers had declined by 55% since 2019.

Dines mentioned that she had questioned the accuracy of the figures, citing that numerous constituents had reached out to her, asserting that they regularly utilize the bank.

“We welcome 13 million tourists annually, and a significant portion of them prefer using cash in our local economy. Additionally, we have the livestock market on Mondays, where many farmers, who may not be accustomed to online transactions, come in with physical cheques to deposit. What alternatives will be available to them?”

Steve Flitter, the leader of Derbyshire Dales district council, penned a letter to the CEO of NatWest in December, urging a reversal of the decision. He emphasized that “rural residents were feeling overlooked and isolated” due to the withdrawal of services.

“People are devastated. A lot of elderly individuals rely on this bank – they depend on the familiarity with the staff and being known,” remarked Lida Ellsworth, a 75-year-old associate priest at All Saints Curbar, a village church in the Peak District situated six miles north of Bakewell.

Many individuals lack internet access or the necessary facilities, and a significant portion of the population does not drive. The entire region is now without a bank, and when other branches closed, people were told, ‘Well, you’ve always got Bakewell’ – and now, look at what they’re doing.”

According to the consumer group Which?, NatWest has closed more bank branches than any other banking group, shutting down 1,257 branches since January 2015.

Overall, ONS data indicates that the number of bank and building society branches in the UK has decreased by approximately 34% between 2012 and 2021.

The impact is felt most strongly in rural areas, where individuals often have to undertake extended journeys to reach the nearest accessible bank.

“When the last bank leaves rural high streets, the impact extends beyond individuals losing access to cash withdrawal or banking services,” remarked Kerry Booth, CEO of the Rural Services Network.

“Especially for older residents, it serves as a crucial source of social interaction in areas where public transport is often limited, making it challenging for them to access services elsewhere. Businesses are also suddenly burdened with a round trip of an hour and a half to find a bank for cash deposits.”

Booth emphasized that although residents are directed to local post office branches as alternatives, there’s no assurance these will remain viable in the long term, especially as the government begins withdrawing services, such as DVLA license applications, from post office branches.

In response, a spokesperson from NatWest stated that support is being offered to vulnerable and elderly branch customers before the closure: “Most of our customers are transitioning to mobile and online banking for its speed and convenience. We acknowledge that digital solutions may not be suitable for everyone or every situation. When we close branches, we ensure that no one is left behind, taking our responsibility seriously to support those facing challenges in moving online. We are investing to provide them with support and alternatives that suit their needs.”