Responding to the news that Santander will close seven branches across Northern Ireland Nicola said the closure of these branches is a major blow to these towns which serves not only the urban centers but the rural townlands that provides all the essential services for sizeable populations. She continued the loss of 750 jobs is also a massive blow to these local economies.
Nicola continued this is one of the consequences of the drive for online banking and the move towards a cashless society. It is a ridiculous situation that customers who bank with these companies can no longer avail of the support, clarification and information that a branch can provide. Online banking may suit some people who are technologically savvy and live in areas that has reliable internet coverage which is not the case in many rural areas. Many people in Northern Ireland suffer not only poverty but technology poverty.
The Workers Party is concerned that since 2019 digital transactions have increased by 63% while branch transactions for the same period have decreased by 61%. These large financial institutions seem to have forgotten the service element that customers need, and especially some older customers who may have been with the branch for years. The drive towards the cashless society is not in the best interests of small businesses or indeed ordinary working-class customers who may be forced to use cash machines that are placed in local shops, mostly in working class communities.
Nicola said one woman she had spoken to complained that she withdrew money and was charged £1.99 to get her own money. The regulator and the government should be investigating all these branch closures across all banking institutions because it is being done to maximize profits at the expense of customers services. Nicola finished by saying the banks seem to have forgotten that the money belongs to their customers not their shareholders and executives.
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