Lloyds Bank has announced that it will be stopping its mobile branch service in Bembridge, Cowes, Freshwater and Sandown by the end of May next year. Following an in-depth review, the decision has been taken to stop the banking service on the Isle of Wight in its entirety. The bank on wheels was introduced following the closure of physical branches in the 4 locations in recent years. The mobile branch has allowed existing customers to deposit cash and cheques and make account enquiries with 1,314 transactions completed between August 2022 and July 2023. However, it’s said that fewer customers are now using the mobile branch, which has forced the detrimental decision. Of those still visiting the mobile van, 44% are over the age of 75 with just 31 customers regularly using the route over a 6-month period. The service will visit Freshwater for the last time on 29th May, Cowes on 30th May and both Bembridge and Sandown on 31st May 2024. It’s not just personal bankers that will be hit by the withdrawal of the service. Around 25% of those using the mobile branch are business customers. Lloyds is advising that customers can still bank via the mobile app, online, over the phone or at a Post Office. One disgruntled customer has said:
“Lloyds promised faithfully when they closed the branch [in Bembridge] and people objected, that they would have a van coming once a week to the village. This lets everyone down and they are going back on their word. Shameful”.
A Lloyds Bank spokesperson has said:
“As many customers now choose to bank online or through their mobile app, visits to our mobile bank branch have fallen significantly over recent years. The local Post Office offers everyday banking, with cash also available at close by free-to-use ATMs, alongside other ways to bank such as online, phone and mobile banking services.”
