Barclays bank has announced that it will close down its Newquay town centre branch in October. Barclays announced that the decision to close the bank was due to a fall in demand.
Barclays was the only remaining bank on the famous Bank Street in the town centre. The street will be left without a single bank for the first time in 120 years. Over the last five years, Lloyds, HSBC, and NatWest have all closed their branches that were located on this street.
In a statement released by the bank, the management noted that only 45% of the customers use the bank services exclusively. The statement further indicated that 59% of the Bank Street branch customers have been using other nearby Barclays bank branches.
Additionally, the management noted that 85% of the customers have been using other banking options besides the counter transactions. Customers prefer using mobile banking or online transactions. Therefore, there was no need to keep the bank open to serve only 15% of the customers.
With the closure of the town centre branch, Newquay has been left with only one Barclays bank that is located along Chester Road.
The closure raised mixed reactions from the locals, with many expressing their views on Facebook. Some were shocked that the famous Bank Street will be left with no bank, despite the fact that it is a financial hub.
Some people even proposed that the name be changed to No Bank Street. Others petitioned the bank to reconsider its decision because most of the bank’s customers are the elderly.
However, the bank announced that the workers will not lose their jobs despite the closure. Instead, Barclays will transfer them to other branches across the country. Similarly, the 45 customers who use the bank exclusively will be informed of the available alternatives.