HSBC have this morning announced they will be closing two more HSBC bank branches on the Isle of Wight.
The Island will be losing both Cowes and Shanklin at the start of next year (2017).
This brings to five the number of HSBC branches that will have been closed in just over five years.
HSBC Isle of Wight branches already closed:
- 2011 – Sandown HSBC closure
- 2013 – Freshwater HSBC closure
- 2015 – Ventnor HSBC closure
Only two branches left
The further closures will leave just two branches left on the Isle of Wight – Newport and Ryde.
Payments in at Post Office
HSBC suggest you use the Post Office to pay money into your bank account, if you bank with them.
HBSC has confirmed to OnTheWight that payments paid in at the Post Office via a cheque should be credited to an account in the next day, or two (not two weeks to clear into your account as had originally been stated). Cash deposits should be credited the same day, depending on the Post Office.
Both Shanklin and Cowes have post offices.
Some good news
There is some good news for business owners. OnTheWight is pleased to report that as of 3rd October, business as well as personal accounts can now make use to the Post Office to pay in money/cheques.
Previously this wasn’t possible and business owners had to travel to other branches of the bank.
HSBC suggest their regional branches (not Isle of Wight specifically) have seen ‘footfall’ reduce by 40% over the past five years. They’re not clear if this includes the footfall being reduced by them closing those branches.
“These are not decisions we take lightly and we work closely with those impacted, including customers, to help them understand their options.”
Statement from the HSBC
This is the statement sent to OnTheWight by HSBC press team:
We wanted to get in contact to make you aware of our decision to close the Cowes and Shanklin HSBC branches on the Isle of Wight, as well as the proactive steps we are taking to inform and support our local customers.
We have today written to all our local customers to inform them that the Cowes and Shanklin branches will close on 13 January 2017, and advise them of local alternatives, as well as offering them 1-2-1 sessions to help explain their options or provide help in setting up mobile or internet banking.
We continually review our branch network to make sure our branches are in the right locations for our customers and we have a sustainable network for the future. Over the past five years, we have seen footfall reduce by an average of 40% at our regional branches and sometimes we have to make the difficult decision to close branches. These are not decisions we take lightly and we work closely with those impacted, including customers, to help them understand their options.
With regard to the Cowes and Shanklin branches, we have advised our customers that there are alternative branches just a short drive away in Newport and Ryde, should customers wish to visit a branch and talk to a member of the HSBC team face-to-face.
That said, 93% of contact with the bank is now completed via the telephone, internet or smartphone, plus 97% of cash withdrawals are made via an ATM. As a result, most of our customers are already carrying out their daily banking needs without need of the branch itself. In addition to mobile and internet banking, we have put in place a number of measures to help customers, including a partnership with the Post Office which has branches just a short walk from both the Cowes and Shanklin HSBC branches.
The Cowes Post Office is open Monday to Saturday, 8.30am – 6.00pm and the Shanklin Post Office opens every day from 7.00am – 11.00pm, so our customers can still carry out their day-to-day banking.
We will be working closely with our customers in the coming weeks to ensure they are fully aware of all the measures in place to support them.
Update 16:50: Corrected the time taken to credit an account after payment has been made in at a post office, after HSBC came back with answer to the query. Added the statement from the Post Office at the same time.
17:30 – Question on if paying in facility at the Post Office applies to both business banks accounts and personal ones.
18:32 – Updated with official reply on business accounts.
19.Oct.16 – Corrected it was HSBC who issued statement, not Post office.
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