Image above: Lloyds – currently closed for refurbishment – is set to close on 27 February 2024
Lloyds Bank becomes second bank within a year to close
Chiswick High Road is set to lose another bank. Following the recent closure of Halifax at the beginning of the month, Lloyds Bank has said its branch at 308-312 Chiswick High Road will close on 19 February next year.
Lloyds cites declining transactions by both personal and business customers over the past five years as the reason. Transactions at the branch fell by 47% for personal customers and 56% for business customers. Similarly, the use of cashpoint machines decreased for both customer types.
According to Lloyds, 89% of the branch’s customers use other Lloyds branches, internet banking, or phone banking. Only 163 customers were using the branch regularly each month in the period to July this year.
The nearest Lloyds branches are at King Street in Hammersmith (a mile and a half away) and Ealing (2.6 miles away). They say customers can also use the NatWest cashpoint opposite the Lloyds branch which is closing, at no cost.
Halifax announced in July that it would be closing its Chiswick branch because fewer people were using it. Only 79 customers used the branch regularly in the twelve months before March. Branch visits have halved since 2018, and ATM withdrawals declined by 43%.
The closure of high street banks is happening increasingly. Barclays shut its Chiswick branch last year and Santander closed its branch in Chiswick the year before. The trend is toward ‘Banking Hubs’. There is one on Acton High Street which now offers in-person services for several major banks.
The local Lloyds branch is temporarily closed for refurbishment, and is expected to reopen on 27 November.