Age Scotland back calls for new law to stop last bank in town closing

A report from Westminster's Scottish Affairs Committee wants the UK Government to seek commitment from banks that they will not close "the last branch in town". On the day the committee released its report, ATM provider Link announced funding to protect free access to cash for every high street in the UK.

Age Scotland are calling on banks to “be bold and not leave older customers behind” by developing shared banking hubs in areas with few or one branch to allow customers better access to their money and financial advice.

Commenting on the report Brian Sloan, Age Scotland’s Chief Executive, said:

“Bank branches are important to older people. They prefer having a personal face-to-face conversation about their finances with a real person. As older people are more likely to be targeted for scams, they’re less likely to go online or use the phone for banking and they shouldn’t be discriminated as a result of their needs. Indeed, half a million people over the age of 60 in Scotland don’t use the internet at all, so while the push to digital and mobile personal banking works well for many, the equivalent population of our capital city are missing out.

“Banks need to be bold and not leave their older customers behind. They should seriously consider more innovative methods to better serve their customers and deal with increasing bank closures affecting communities across Scotland.

“Age Scotland would like the banking industry to develop shared banking hubs for smaller communities, suburbs and rural areas so that they can better engage with their older clients rather than isolate them. This option should be available to all of Scotland’s personal finance customers but it would particularly benefit older people who due to mobility restrictions, cognitive impairment, hearing or visual impairments prefer the personal approach to their banking needs.

“This proposal is already getting significant traction with politicians and one bank we have spoken to is open to the idea, but it will require more to join to make it work. Now is the time to do that before our towns are banking deserts.”

ENDS