Barclays Bank has announced yet another branch closure – this time in Blackwood – but there is another bank that won’t be leaving town any time soon.
The latest closure announcement from Barclays is the fourth this year from the giant. Bargoed closed in April; Caerphilly closed in October; and Risca will close its doors for good on May 17 next year.
Blackwood will close on March 22 next year.
According to information published by Barclays, 88% of people who use the branch also banked using online or telephone services. It said 138 customers regularly use the branch as their only means of banking.
Blackwood councillor Kevin Etheridge described the closure as “another sad day” for the town.
He said: “I worry about the older generation who don’t use the modern banking methods.”
Barclays is likely to announce its staff will be available for drop-in surgeries in Blackwood, as it does in Bargoed and Caerphilly libraries.
The community bank that’s going somewhere – by going nowhere
While Caerphilly Council has been praised by Age Cymru for opening up its libraries for Barclays to use (see below), there is a better way to do physical banking locally.
Council praised for opening its libraries to banking
Caerphilly County Borough Council has been praised by charity Age Cymru for opening its libraries to banking services.
In an open letter entitled: We need banks to protect access to local branches in Wales the charity’s chief executive Victoria Lloyd wrote: “A good example is Caerphilly, where the local authority has been proactively working with banks who have announced closures within the area to set up alternative provision.”
Barclays use libraries in Caerphilly and Bargoed, while Halifax will also hold drop-in sessions for customers in Caerphilly library. Both pay the council an undisclosed sum for the use of its buildings.
The council’s deputy leader Jamie Pritchard said: “We know banks are closing rapidly all over the country, but we haven’t just accepted things.
“We have worked to mitigate these often difficult closures for residents. We’re grateful to Age Cymru for recently meeting with us to discuss the approach we’re taking.”
Not-for-profit Smart Money Cymru is a credit union that turned itself into a bank for the benefit of the community.
The bank has well-located branches in Cardiff Road, Caerphilly, and Wesley Road in Blackwood, as well as Tredegar, Brecon, Llandrindod Wells and a new outlet at Penywaun near Aberdare covering the Cynon Valley.
With the launch of a new banking app last year, it has quickly grown as a viable alternative to the big banks that dominate people’s everyday lives. It currently has almost 11,000 members.
Helping families
“At this time of year finances of families and individuals are stretched to the limit and we are here to help,” said Mark White, Smart Money Cymru chief executive.
“We are working to prevent people being shut out from essential financial services and provide the banking services that everyone needs and deserves in a welcoming and accessible fashion.
“We offer ethical loans, a safe place to keep savings with an annual dividend and other financial services at a time when traditional banks are, sadly, closing their doors and withdrawing from communities across Wales and the UK.”
With Christmas fast approaching, many struggling people are vulnerable to being exploited by illegal money lenders.
Mark added: “Taking these loans is only a short-term solution storing up problems for the future, and we would encourage local people to come and see what we can offer to help give them financial stability.”
Smart Money Cymru Community Bank has committed to expanding its services across Wales and supporting people who are in danger of being left behind by the present banking system.
With Welsh Government support the community bank and credit union sector is continually upgrading its systems and offering ever more financial products – such as buying household goods.
Members of Smart Money Cymru have access to its popular Smart Goods Scheme under which a catalogue of 5,000 household items, including white goods and televisions, can be bought using loans from the community bank.
“We are looking forward to supporting our members at this difficult time of year and offering them convenient, local financial services to enhance their lives and offering an essential service to the community,” added Mark.
“Please drop in for a chat and see what we can offer.”
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