Barclays Bank to shut third Fenland branch in two years
- Credit: Daniel Mason/Archant
A bank in March will close its doors this summer, the third Fenland branch to shut in two years.
Barclays Bank in Broad Street will close on July 23 due to a decline in the number of customers visiting the branch in the last two years, bosses have confirmed.
More customers are deciding to use other nearby branches while there was an increase in the number of people using other ways of banking, such as telephone and online banking, Barclays found.
A Barclays spokesperson said: “Customers are increasingly using alternatives to branches to do their banking.
“As a result, we are seeing a sustained fall in branch visits across the UK.
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“This is reflected at the March branch where there has been an eight per cent reduction in counter transactions in the two years to March 2020.”
There will be no redundancies made at the branch and existing employees will be offered positions at other nearby branches.
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Barclays will also offer virtual ‘tea and teach’ sessions for customers wishing to explore online banking and other alternatives to branch banking.
The spokesperson said: “Colleagues working at the March branch will be offered alternative roles in the bank.
“82 per cent of our customers at the branch are using different ways to bank.
“We will work with our customers and provide alternative options to ensure they can continue to manage their money and receive financial expertise when required.”
Only 220 people exclusively use the March branch for their banking, while in the last 12 months, 13pc of the branch’s customers used nearby branches.
Customers using other ways to do their banking has also increased by 13pc since 2015.
The spokesperson added: “The role of the physical branch is evolving, with fewer than 10pc of transactions now taking place inside a branch.
“All of our customers will receive a letter, our ‘decision to close’ document, posters will be displayed in branch and colleagues will be on hand to assist customers with any concerns they may have.”
The closure of the Barclays branch in March will come after the bank shut its branches in Chatteris and Whittlesey in 2019 due to a decline in users.