Bank announces Hertford branch closure

Natwest have announced the closure of their Fore Street branch, claiming that only 4 personal customers used the bank on a regular basis in 2021.

The closure comes after HSBC announced that their Fore Street branch would be closing in June, and Barclays closed their Market Street branch in February last year (2022).

In a Leaflet online, Natwest say that 64% of personal customers using the branch also chose to use online banking or the mobile app.

Nationwide Building Society have also recently announced that they would be cutting back opening at their Fore Street branch from 22nd May, opening only on Tuesdays, Wednesdays, Fridays and Saturdays.

Along with the Nationwide, two other banks remain in the town - Santander and Lloyds.

A government research briefing on the future of local banking services and access to cash found that technological and social change have led to decreased reliance on both physical cash and traditional bank branches. While cash accounted for 45% of all payments in 2015, five years later it was used in only 17% of transactions in the UK. Similarly, the number of bank and building society branches in the UK fell by about 34% between 2012 and 2021.

High Street banks are also under pressure from app-only "challenger" banks like Monzo and Starling, who have no branch networks and over 7 million customers.

Natwest customers can access some retail banking services at the post office in Maidenhead Street, including cash and cheque deposits, checking your balance and withdrawing cash.

Commenting on bank closures, a NatWest spokesperson said: "As with many industries, most of our customers are shifting to mobile and online banking, because it’s faster and easier for people to manage their financial lives.

"We understand and recognise that digital solutions aren't right for everyone or every situation, and that when we close branches we have to make sure that no one is left behind.

"We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them."

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