Royal Bank of Scotland has confirmed it will be closing its NatWest branch in Ystrad Mynach.
The group, which is 73% owned by the taxpayer, said the branch will close on October 4 this year and has blamed a fall in the number of people doing physical banking at the Bedwlwyn Road premises.
Along with Ystrad Mynach, NatWest branches in Monmouth, Ebbw Vale, Pontypool, Aberdare, and Builth Wells will also close.
In a statement, RBS said: “The way people choose to bank with us has changed radically over the last few years.
“Between 2010 and 2015, mobile and online transactions have increased by over 400% and mobile transactions alone have increased by 1,350%.”
The bank added: “Since 2011 we have seen the number of transactions in the Ystrad Mynach branch decline by 26%. These customers are actively choosing to bank in different ways, with 63.2% of customers of the Ystrad Mynach branch choosing to use our digital banking options.
“We are communicating with our customers affected by the closures and proactively contacting vulnerable and regular branch customers.
“We have listened closely to feedback from local communities and have extended the time between announcing our decision and the branch closures to six months. This has been done in order to ensure our customers have time to consider the right banking options for them.”
It added that customers will still be able to pay money in, take money out and check balances at post offices.
Councillor Martyn James, who represents the Ystrad Mynach ward for Plaid Cymru, said the closure announcement had come as a shock given the town’s average footfall of around 15,000 to 18,000 visitors a week.
He said: “I have spoken to people who bank there and they are also quite shocked – they’ll have to go to Caerphilly now.
“We are blessed in Ystrad because we do have two other banks and when you have a bank in a town centre it makes it vibrant.”
Caerphilly AM, Hefin David, added: “My office has not been informed about this bank closure, and it seems no community engagement took place at all.
“A five mile round – trip to the closest branch will mean many customers will be left out of pocket. Not everybody drives or is able to access free bus travel.
“All in all, this has been a shambolic process and Nat West customers have been badly mistreated. I’ll be meeting with Nat West to discuss these concerns on April 21.”
Caerphilly MP Wayne David has said he will raise the matter in Parliament and that the closure will affect the banking access for elderly and disabled people.
He said: “I am also concerned that I, as the local MP, have had no contact from NatWest before the decision was taken.
“There is a protocol on branch closures that has been agreed by government which says they should work with community to discuss the impact of the bank closure and they should find suitable provision to suit individual places.
“It does not appear that Natwest has followed that protocol. As the local representative of the community they should contact myself, the Assembly Member and the local authority, as in previous occasions other banks have.
“The consultation ought to take place before the decision is taken.
“There should be a closure plan worked out and in this case that has not happened.”
The planned closure of NatWest in Ystrad Mynach follows the axing of several branches by other banking groups across Caerphilly County Borough.
In December last year Barclays closed in Nelson, while HSBC closed its branch in Bargoed in 2014 and also closed its Risca branch in June last year.
Over the last three years, HSBC, Barclays, and Lloyds, all closed their respective branches in Newbridge.
We are losing more and more local services – Police Stations;Banks to name 2 examples and we are being told one of the many reasons is the increased use of technology.
With the withdrawal of these “face to face” local services and increases in the likes of online shopping; getting take aways delivered etc – are we heading for a future where no one leaves home or has face to face contact with people ?
Our future generations will not have the necessary skills to interact with each other on a personal basis.
Yes you’re right, so more than ever local authorities need to change their mindset, disregard everything they think they know and come up with some fresh radical ideas to breathe new life back into our local high streets and towns that gets people out interacting with one another and boosting the local economy.
Therein lies the problem Paul – ” getting local authorities to change their mindset and everything they think they know” .
You are right we need some fresh radical ideas – and we need the local authorities to start genuinely listening to what communities need and want.
Local authorities will never listen to local communities, they’d rather pay obscene amounts of money to some wet behind the ears goji berry munching university graduate consultant from London to come up with some pie in the sky mumbo jumbo report that claims to be the answer to all of modern societies problems.
And thats where more money is wasted by local authorities – on consultancy and reports……
I understand that the banks want us to use on line services more but what about the elderly, people who dont own a computer. I find it hard enough on a computer to use every day task let alone on line banking which i do not trust. Progress is moving so quickly that older people can not keep up. If i do not go out shoping i do not see anyone for a few days. Before long all towns will become estates with just hairdressers kebab/ takeaways on our high st.
Customers have enough time to go to a different provider, though many for bizarre reason remain committed to their existing bank. Hopefully there is still another bank remaining in Ystrad for now, so people can switch and still have access to valuable banking services. Unfortunately the knock on effect on other businesses nearby to the bank may be felt and they could also suffer.