NatWest have confirmed they are closing their Cowes and Freshwater branches by the end of November.
The number of transactions taking place at the Cowes branch has dropped by 22% since 2011 and only 56 customers use the branch on a regular weekly basis. As a result the branch will close on 25th November, but the bank say they are working hard to ensure there are a number of alternative ways for people in the area to continue to bank with Natwest.
An agreement has been reached with the local Post Office – currently situated in Marks and Spencer’s car park – that customers can check their balance, deposit and withdraw funds and business customers can get coinage.
In addition, Natwest’s ATM will be retained and a Mobile Branch service will be introduced to the community.
A similar situation has been arranged in Freshwater with a Post Office located 0.5 miles away. Although the ATM will not be retained, the Mobile Branch will be serving the community.
The number of transactions taking place at the Freshwater branch has dropped by 18% since 2011 and only 56 customers use the branch on a regular weekly basis. The branch will close on 26th November.
Last week it was announced HSBC will be closing their Ventnor branch.
A spokesperson for Natwest has said:
“We are committed to following the UK Government protocol on branch closures, and we have made the decision following careful consideration of a wide range of factors including branch usage and the alternative ways our customers can bank with us locally.
“Our customers are increasingly using alternative ways to bank with them such as online and mobile banking. As a result, branch transactions have declined by around 36% since 2010 whilst online and mobile transactions have grown by more than 300%. Only 9% of their total transactions are now undertaken in branches in comparison to 25% in 2010.
“We are writing to all of our customers who use the branch, as well as displaying posters in branch to let them know of the closure. Between now and the closure date, we will engage with all of our customers, local businesses and the wider local community to make sure they are aware of the alternative ways of accessing their banking with us in the local area, and to answer any questions they might have”.
The nearest branch for Cowes and Freshwater customers will be Newport.
