Stone’s Lloyds Bank branch to close with the town to receive a community banking hub

Stone’s last remaining bank, a Lloyds Bank branch on High Street, is set to close its doors come the 10th of April, 2024.

Rising Digital Tide

The decision to close the Stone branch and its cash machine came after a comprehensive review of banking habits and trends, concluding that more customers are banking online than ever. This change has led to a steep decline in footfall in the branch. Over the past five years, personal customer transactions fell by 48%, and business transactions saw a sharper fall of 55%. Even cash machine usage has dropped, with 23% fewer personal transactions and 17% fewer business transactions.

The bank’s research identified that there were only 185 regular customers who used the bank every month, from April 2022 to March 2023

Alternative Means of Banking

Despite losing its physical presence, Lloyds Bank has said it wants to reassure customers they won’t be left high and dry. The bank encourages its customers to embrace digital banking and offers various services to help ease this transition. Customers can still bank online, via mobile apps, over the phone, or even at the Post Office. If a traditional branch experience is still preferred, the nearest branch will be at Longton, almost 7 miles away.

The Emergence of Banking Hubs

The silver lining in all of this? A new Banking Hub for Stone is on the horizon, promising easy access to face-to-face banking services. Owned by Cash Access UK and operated by the Post Office, these Hubs offer many services – depositing cash and cheques, cash withdrawals, balance checks, bill payments, top-up services, and even assistance for small businesses needing change. They also provide the opportunity for more complex face-to-face banking consultations, with the availability of banking staff based on local demand.

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Lloyds have said that the closure of the branch may be delayed until July 2024 should there be delays in the creation of the Banking Hub.

An Impact Felt Locally

The closure is not merely a local issue; it reflects a broader trend in the banking industry’s shift towards digital platforms. However, the impact on our local community, particularly the elderly, who rely heavily on in-person banking services, cannot be overlooked.

Consultation and Support

In planning for this change, Lloyds Bank will work closely with key community members, including Sir Bill Cash MP for Stone, the Banking Team, Senior Representatives from the Post Office, and the Staffordshire Chamber of Commerce & Industry. Their aim is to understand the effects of the closure and develop strategies to support those affected.

Customers seeking more information are advised to visit the Lloyds Bank website or contact their customer service line.