Ventnor customers of HSBC – Europe’s largest bank – were shocked to discover this week that the last bank in the town of 5,000 people, would be closed in November.
A notice has been placed on the door of the bank and customers have received messages from the bank stating that it would close on 20th November 2015.
The closure was a shock to Ventnor residents as the sign went up on the door, prior to customers of the branch receiving letter from the bank about the closure.
Cashpoint to close
Debate in town has been around if the HSBC Cashpoint – which is placed centrally in the town – is to close as well.
HBSC confirmed to OnTheWight today that the Cashpoint would also close.
What to do instead?
The notices says all business will be moving to their Newport branch and suggested using online banking or their mobile app.
Elderly affected
One Ventnor resident told OnTheWight of how this will hit the elderly section of the town, who will be affected by the closure.
“The old lady I look after was advised Shanklin her nearest branch or telephone banking. At 95 years, she needs me to drive her and I don’t think she’ll get her head around telephone banking. She lives in St Lawrence.”
Businesses affected
Many local businesses use that HSBC branch to pay in their cash takings. This was mentioned by Jack Whitewood of the Ventnor Exchange in a Tweet:
Also a nightmare for business with nowhere to pay cash in or obtain change. HSBC don’t offer business banking via Post Office.
“Significant” fall in use of bank
A spokesperson for HSBC told OnTheWight this afternoon that use of the branch had dropped “significantly” over the past few years.
They said,
“We never take the decision to close a branch lightly, and we understand it’s unsettling for the local community.
Unfortunately, use of the Ventnor branch has fallen significantly over the past few years, and we’ve taken the difficult decision to close it on 20 November.
“We are working with customers who use the branch to help them understand their options, which include being able to use the Ventnor post office to check their balance and withdraw and pay in cash and cheques to their personal HSBC account.
“There are also fee-free cash machines in the local area.”
HSBC pre-tax profits up 10% in six months
It was reported only earlier this month by the BBC that “HSBC’s pre-tax profit up 10% in first half of the year”.
15:10 Updated: Added Jack Whitewood’s comment about businesses.
