RBS closures: Is the Royal Bank of Scotland near YOU closing? FULL LIST here
The Royal Bank of Scotland (RBS) has announced bank branch closures today. Will your local branch close?
Following the news that RBS will be shutting 259 branches this morning Hannah Maundrell, Editor in Chief of money.co.uk comments: “It’s sad but not surprising that RBS are joining the many High Street banks in shrinking their branch network to focus on digital customers. It’s not only more cost efficient for them, but it reflects how many of us are now banking.
“This pattern is worrying for those who aren’t digitally savvy. The reality is they may end up with nowhere to turn for face-to-face help with financial matters.
“It’s undoubtedly distressing news for employees of RBS and NatWest and their families especially in the run up to Christmas. Those who fear they will lose their jobs should hope for the best but prepare for the worst.
“Now is the time to check what redundancy rights you have and dig out any income or mortgage protection policies you hold just in case.”
The Edinburgh-based bank is risking over 1000 jobs in total after they announced 180 more closures in March. It follows Lloyds Banking Group, which announced it will close 49 branches on Wednesday.
In the move to a online banking based model UK banks are set to close a record amount of branches this year alone.
Reuters reported in August that 762 bank branches across the UK will close in 2017. RBS will close 197 Natwest branches in total, with only 744 left across the whole of the UK.
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The Royal Bank of Scotland (RBS) has announced bank branch closures today effecting RBS and Natwest. Will your local branch close?
A quarter of branches in Scotland are to close - while only three in England will shut down.
That is a total of 62 branches and 158 job losses.
The Royal Bank of Scotland announced that it will close 259 branches and cut 680 jobs as it reduces costs and encourages customers to use online and mobile services.
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Jane Howard, RBS's managing director of branch banking, said that customers are increasingly using mobile and online channels rather than bricks-and-mortar branches, and RBS had to react to that.
"There will be some customers that will be really disappointed we are closing branches and I understand why. But it's important that we do respond."
RBS is investing in its remaining branches and its digital offering, Howard said, adding: "Given what we know, we've got the right shape of network."
An RBS spokesperson told the BBC: "More and more of our customers are choosing to do their everyday banking online or on mobile.
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"Since 2014 the number of customers using our branches across the UK has fallen by 40% and mobile transactions have increased by 73% over the same period. Over 5 million customers now use our mobile banking app and one in five only bank with us digitally."
the Unite union, which represents RBS staff, criticised the sock announcements.
Rob MacGregor, Unite national officer said: "This announcement will forever change the face of banking in this country resulting in over a thousand staff losing their jobs and hundreds of High Streets without any banking facilities.
"The closure of another 259 branches is savage. Why is the government signing off this alarming branch closure programme?"
