- Virgin Money is shutting down 31 sites and eliminating 112 full-time jobs, it has been revealed.
- Bank branches in Blackburn, Lincoln, Macklesfield, Nuneaton to all close
- Group says affected customers can use post office for banking services
- Virgin Money says online banking boomed during pandemic
- Email [email protected] if you are affected by the closure
Virgin Money has announced that it is closing 31 bank branches and eliminating about 112 jobs as it seeks to move more of its operations online.
Branches in Beverly, Blackburn, Lincoln, Macclesfield, Nuneaton, Whitby and Vick are all due to close, among others.
The owners said the move came as more customers turned to online banking during the pandemic.
Closure: Virgin Money has announced it is closing 31 bank branches and eliminating about 112 jobs
The company said that 28 of the 30 customer-facing branches were located less than a mile from the nearest post office, and the last two sites had a post office or another Virgin Money store less than a mile away. .
Another site in Gosforth was already a staff-only site and will also be closed.
It added: ‘Customers can use the post offices for daily banking, including cash deposits and withdrawals, check deposits and balance enquiries, as well as coin exchange.’
Virgin Money branches closing
Here is a list of Virgin Money Bank branches that are scheduled to close in early 2022:
– aston-under lines
– Newcastle, Northumberland St
– Leeds, Horsforth
– Leeds, White Rose
– black burn
– bratty ferry
– Sheffield, Meadowhall
– East Kilbride, Princess Square
Source: Virgin Money UK
Written notice will be sent to customers and posters will be displayed in each affected store at least three months before closing, detailing alternative ways for customers to continue to manage their accounts, including the nearest alternate store, ATM and post office Counter included.
The stores will close their doors for the last time early next year and owners said they hope to find alternative roles for the affected employees. There will be a total of 131 branches.
But the company acknowledged that not all employees will be able to stay, with about 112 full-time equivalent roles expected to be eliminated.
Fergus Murphy, Group Customer Experience Director at Virgin Money, said: “As our customers change the way they bank with us and make fewer in-store transactions, we should continue to grow our store role in the places where we do your performance. Bring the products and our digital services to life.’
The group said the number of customers using bank branches for day-to-day transactions has been declining in the banking industry for several years, and this has been exacerbated by the pandemic.
Virgin Money said the decision on each site was based on location, use, proximity to alternative stores and leasing arrangements.
As a result of the closure, the group said it would incur a restructuring fee of £25 million in the fourth quarter.
Critics of the massive bank branch closures claim they hit the elderly and vulnerable the most, forcing many to travel long distances to perform basic banking tasks.
Going to: Virgin Money branches in Beverly, Blackburn, Lincoln, Macclesfield, Noonton, Whitby and Vic are due to close
Virgin Money claimed that it is trying to give more flexibility to its employees regarding working patterns and location. It said this change meant it would require ‘less office space with infrastructure and office centers to fit the new ways of working.’
The bank said it was also working to move its IT operations to a cloud-based system to ‘enable agile delivery, accelerate the pace of transformation and deliver efficiency gains over time’ could.
Unite National Officer Karen Evans said: ‘Unite has serious concerns about the impact the decision to close this branch will have on employees and the communities they currently serve.
The union is concerned that these branches have around 24,000 customers classified as vulnerable, all of whom would need to be contacted directly by branch associates. This is a huge undertaking on an already stressed network.
According to consumer group?, 4,299 branches of banks and building societies have closed, or are about to close; Since January 2015, at the rate of about 50 per month.
Who? The NatWest Group, which includes NatWest, Royal Bank of Scotland and Ulster Bank, closed 1,086 branches during the period.
Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, closed 680 sites. Barclays is the individual bank that has narrowed down its network with 650 branches closed or scheduled by the end of this year.
In March, Santander announced it would be closing 111 branches up and down the country by the end of August this year.
The Spanish-owned lender said the ‘majority’ of the axed branches were three miles from another Santander branch, with the furthest five miles away.
It said all 111 closed branches were within half a mile of at least two free-to-use cash machines.
Some of the branch closures were in New Malden, Marlow, Leatherhead, Sale, Surbiton, Twickenham and Wickford.