Ferndown has lost two bank branches this year in Natwest and HSBC. The HSBC branch in Wimborne closed its doors just one year before and the Natwest branches in Boscombe, Westbourne, Winton, Canford Cliffs and New Milton are set to be closed or have closed already.
The consumer group Which? reported earlier in the year that 482 banks were set for closure nationwide in 2017. You can view their article, which has an interactive map of the whereabouts of each closure here.
The rationale for the big banks in clear, people are conducting more and more of their basic banking online via computers, tablets and smartphones. Branches cost money, you must staff them with competent personnel, pay the rent and keep the lights on. The public trust in bank advice is at rock bottom after a series of scandals and banks have been retreating from financial advice since the FCA toughened its stance on transparency and expertise.
There is a problem though. Many people still prefer to conduct their financial business in person, either due to doubts about cyber-security, a lack of confidence with the technology or, most commonly, a simple preference for dealing face to face with another human being when it comes to their finances.
Our financial decisions are among the most important and lasting we make. Many of us see the value in taking the time to speak with an expert about all the options rather than running the gauntlet of seemingly never-ending and faceless online forms.
JTM are completely committed to keeping our doors open to local people now and in future. You are always very welcome to visit us, with or without an appointment, to talk about how we can help you with your money. Our offices are in Princes Road, Ferndown but we are more than happy to visit you at home if you prefer. We are experts in Investments, Pensions, Protection (e.g. life cover or critical illness cover) and Tax planning. We provide completely impartial, whole-of-market advice.