Then there are local businesses. I run one of these. There are a plethora of other similar ones on Mill Hill Broadway all with a requirement to pay in cash. I also travel extensively and have a requirement to collect foreign currency. All of these things become more time consuming and hassle without local banks. If you walk past Barclays, our sole remaining clearing bank, you will see that there is invariably a queue of people waiting for service. These are real customers who require a local branch. I charge my time out as a consultant at £75 per hour, if you require my skills on a commercial basis. If I have to make three trips a week to Edgware to pay in, that has in effect cost me £225. It means I have to drive rather than walk, creating pollution and being bad for my health. If banks don't care, then we need to move our custom.This week Nat West has closed in Mill Hill Broadway. Huge inconvenience for local businesses and residents pic.twitter.com/0qUjjAa9ds— A Better Mill Hill (@ABetterMillHill) September 27, 2017
In answer to those who say 'there are other way to do all of those things'. Maybe there is, but they involve hassle, disruption and research. A local charity I know is considering stopping as the lady who does the fundraising, does not want the aggravation and risk of having to get a bus to Edgware with heavy bags of coins. If you've opened a bank account recently, you will know how much hassle changing banks is. I don't understand why banks can't share Know Your Customer (KYC) information for switchers. This would remove all of this hassle.
I will be writing to the chairman of Barclays, asking for a commitment to Mill Hill. If this is forthcoming, I suggest all local businesses and charities switch their arrangements accordingly.