An expert has issued a stark warning after a swathe of high street bank closures was announced.
Amid the ongoing cost of living crisis and the news that 292 branches of Lloyds Banking Group will be closing down throughout 2025, Alastair Douglas stressed that people are more reliant on their banks than ever before, whether it’s in-person or online, to manage their finances effectively.
The money expert and CEO of TotallyMoney pointed out that this is partly due to a rise in people switching to online platforms to handle their finances, but also because “going digital will also benefit the banks’ bottom lines”, he alleged. However, the Financial Ombudsman Service discovered that complaints about banking and payment reached a ten-year high last year.
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This, coupled with the newly announced branch closures for 2025 and increasingly sophisticated fraud schemes, could spell disaster for elderly or vulnerable Brits. Alistair explained: “They’ll be less likely to have the understanding and ability to access online services and apps, effectively locking them out of the banking system.
“As we rapidly progress towards an increasingly digital world, we must ensure that nobody is left behind.”
He emphasised the importance of finding a bank that meets your financial needs in the current economic scenario and provides satisfactory service, reports the Mirror.
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He warned: “Loyalty doesn’t pay, and with the Current Account Switch Service Guarantee, your payments and balance will be moved over automatically and your old account will be closed for you. So, you won’t need to worry.”
The trusty Current Account Switch Service offers Brits a seamless switch of their current account, along with overdrafts, to a fresh bank when arranged.
With more than 50 banks and building society members, the service promises an easy switchover, shifting funds and regular payments, and auto-closing the old bank accounts without any fuss.
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