ANOTHER bank to close in city centre
- Credit: Google Maps
The decision to close a city centre bank has "not been taken lightly", a spokesman for the business has said.
The TSB bank in Magdalen Street has been revealed as one of 70 branches across the UK that is set to close.
The bank's spokesman said that a switch in customer behaviour had prompted the move.
He said: "We have to respond to declining branch use and increasing numbers of customers switching to digital banking services."
As a result, the bank will shut for the final time in June.
He added: "Customer transactions at the branch have fallen by 48pc since January 2019 and we see no prospect of branch transactions returning to pre-Covid levels.
"The closest Post Office is located under 0.1 miles from the Magdalen Street branch and the nearest free to use ATM is 0.2 miles away."
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However, city councillor Jamie Osborn expressed concerns about elderly people's access to physical branches.
"It is of concern because a lot of people use that branch because it's near a bus stop," he said.
"it's a concern for older people that aren't online and don't do everything digitally.
"We need to maintain businesses like this for people that can't access online," he added.
In a branch review, TSB said that due to a lack of branch activity, the decision was made to close it.
The review stated: "At this branch, 75pc of our personal and 92pc of our business customers also use another TSB branch or channel.
"Only six customers visited the branch regularly, four of which use the branch and no other channel."
TSB said that all staff impacted by the changes will be offered the opportunity to move into a different role within the group.
After the closure, it will leave the city with one TSB bank, which is based in Guildhall Hill.
It comes after TSB shut its site in the Golden Triangle's Unthank Road in 2019.
The final day of business at its Magdalen Street branch will be on Friday, June 28, 2022.