Another bank will be closing its doors in Market Harborough

Another bank will be closing its doors in Market Harborough.

Lloyds has become the latest major bank to announce its decision to close its Harborough branch, following similar moves by Barclays, NatWest, and HSBC last year. Lloyds is due to close on December 4.

The bank said the decision was made due to a drop in customers and the increase in mobile and internet banking.

Harborough MP Neil O’Brien said this decision cements his believes that the town needs a banking hub.

These are facilities set up by the banking industry in areas where bank branches have closed. They offer a dedicated counter for cash services, as well as in-person appointments for services such as loans, mortgages, and pensions. Usually, different banks have a dedicated day where they operate at the hub.

Mr O'Brien said: “The news that Lloyds is set to close its doors in Harborough is a further blow for those who rely on visiting branches for their banking needs. We have already seen three bank branches leave the town in quick succession and with a further announced this week.

“The case for a banking hub in the town grows stronger as access to physical banking facilities steadily declines. There is still a significant proportion of people living locally who rely on bank branches and several residents have contacted me over the past few months, concerned about the lack of banking facilities in the area. Whilst attempts by some banks have been made to offer some outreach services, nothing compares to being able to speak to someone in person, and none of these offer cash services.

“I have requested an urgent meeting with LINK, which is the organisation that manages banking hubs and helps to set them up in areas that need them. I have also told them that Harborough is a perfect candidate area for a new hub. Bank branches are closing and access to cash is harder, and we also have many people here who are unable to use internet banking services. I am looking forward to meeting them and making the case for a Harborough banking hub.”