COUNCIL chiefs and traders have expressed concerns over the future of Malvern’s economy after Natwest Bank announced its main branch in the town centre will close for good next year.
The High Street bank said it will close its prominent Church Street branch on June 6 following a significant drop in the number of customers using it.
Natwest becomes the second High Street bank to announce closure in Malvern in recent weeks after Lloyds Bank said it would close one of its Malvern branches in Barnards Green early next year.
Customers affected will still be able to bank their money online or via the town’s Post Office branches – but the loss of big names like Natwest and the news of Lloyds Bank cutting its presence in Malvern has raised concerns about the town’s economic future and what impact it could have on retailers and residents.
Simon Smith, economic development manager at Malvern Hills District Council said: “We are disappointed and concerned about the news of the planned bank closures in Malvern.
“We are particularly surprised by the news of the NatWest closure in Great Malvern considering the size of the town and we will be contacting NatWest to discuss their plans for the future of the building as it has a prominent position in the town centre.”
Malvern county councillor Paul Tuthill told the Observer: “The large banks (Natwest and Lloyds) obviously don’t feel Malvern is important.
“It is hardly a vote of confidence in the town is it?”
Jane Knowles, who owns Barnards Green store Just So, said she was also worried about what the future will hold for the community.
“The loss of Lloyds Bank in Barnards Green has been a primary concern for traders here,” she said.
“Unfortunately mobile and online banking is the way it is heading and it does disadvantage elderly residents. We are always told everyone can internet bank but there are real sections of the community that can’t and don’t feel comfortable doing it.
“I think the banks need to make more ethical decisions and support the communities which have supported them, like independent traders do.”
Natwest bosses said between 2010 and 2015 said there had been a 59 per cent decrease in transactions at the branch.
A spokesman for Natwest said the company was consulting those affected by the decision 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 closure to six months,” he said.
“This has been done in order to ensure our customers have time to consider the right banking options for them.”
The next nearest Natwest branch for Malvern residents is Worcester Cross – 8.25miles away.
West Worcestershire MP Harriett Baldwin urged affected customers to switch their account to another bank.
“If you are a Lloyds or NatWest customer and you are unhappy with these closures, I suggest you tell them by moving your account to another bank which offers the services you need and there is even a dedicated service to help you switch quickly and efficiently,” she said.
