One of 164 to be shut across its network nationally
TSB on Acton High Street. Picture: Google Streetview
TSB has announced that its branch on Acton High Street is one of 164 it is planning to close across its network.
It will stop serving customers on 29 April next year and the bank is suggesting that from that point the Ealing branch is used as an alternative.
It is the latest bank closure in the area which is leaving Acton with a significantly reduced amount of high street financial services. The ATM outside TSB is one of the few remaining in operation in the area providing free cash withdrawals.
The number of banks on Acton High Street has shrunk considerably in recent years with Santander closing last year. That decision came on top of the closure of the HSBC branch on the High Street in 2016 and the shutting of Natwest’s local branch in 2018. This leaves people who still wish to bank personally rather than online in the area with limited options.
They say, “We’ve looked carefully at our London, Acton branch at 160/162 High Street, Acton, London, W3 6RA and how it is used, and we’ve taken the decision to close it. The way customers bank with us is rapidly evolving with the vast majority of everyday transactions now being done digitally. Over 2.1 million of our customers now choose to bank online, and over 1.3 million use our Mobile Banking App. Even prior to COVID-19 customers were choosing other ways to bank with us, with 50% using services at our cash machines, and 20% using a Post Office®.”
TSB is owned by Banco Sabadell a Spanish based institution. It has experienced significant technical problems with a system failure in 2018 meaning its online banking facility was not available for several weeks. The replacement system was introduced without being properly tested and they ended up having to pay out £330 million in compensation.
TSB has already announced last November that it was closing 82 branches and the latest list is in addition to these. 960 jobs will be lost as the TSB aims to save £100m by 2022. The bank hopes most of the job cuts will come through voluntary redundancies.
By the end of 2021 TSB will have 290 branches down from the current total of 475.
Unite's national officer Dominic Hook said, "Unite has argued for some time that the financial services industry has a social responsibility not to walk away from its local customers who continue to need access to banking in bank branches.
"It beggars belief that just seven years ago TSB had 631 local branches and this announcement will reduce that number to merely 290 branches. "
Access to Banking Standard, which was introduced in May 2017 requires banks considering branch closures do so responsibly and with consideration of the impact on customers and local communities. For each individual case, they must undertake a comprehensive review to understand the potential impact for customers, and the alternative options available to bank locally.
October 2, 2020