Town's last bank set to close

Town’s last bank set to close

Lloyd’s Bank has announced its South Molton branch will close on September 19th “following an in-depth review.”

Despite being refurbished recently, Lloyds says the number of people using the town’s last bank has plummeted, as the use of online and phone banking increases.

Banking services for Lloyds and other banks are available at the Post Office in South Molton’s Spar Shop, and the bank’s branches in Barnstaple and Bideford are set to remain open. Lloyds say a ‘community banker’ will visit the town regularly after the closure and they’re looking at locations.

Locals took to Molton Monthly’s Facebook page to voice their anger at the decision.

Jacky Hiscock wrote, “More houses being built and they close the last bank!”

Ruth Hackman said, “It’s disgraceful - the waste of money doing the refurbishments, and a growing town without a bank. I feel so sorry for those who don’t have online banking. Use a cashpoint & draw out cash and use it - don’t let this cashless society come to fruition.”

In a statement, Lloyds said the number of personal banking customers has fallen by half since 2018, and business users by 63%. The number of people using the cash machine has also dropped by around 40%.

The bank says it will consult the local MP, charities and community organisations about the impact of the closure, especially for older people and those with access issues.

Molton Monthly has been told by Lloyds that bank staff will be offered alternative jobs.