HSBC Bank in Penarth to Close, Accounts Transferred to Cardiff Branch
HSBC customers in Penarth will experience a change in their banking services as the bank’s branch in Herbert Terrace is set to close in mid-June. This closure is part of HSBC’s wider plan to shut down 114 sites across the UK this year.
The closure of several banks in Penarth has had a negative impact on personal customers, businesses, and even the town council, which expressed disappointment in April when it announced the inability to continue banking in the area.
HSBC stated that these widespread closures reflect the long-term changes in customer preferences for banking services. As the Penarth branch shuts its doors for the final time on Tuesday, June 13, accounts will be transferred to the HSBC branch located on Queen Street in central Cardiff.
Customers will now need to travel approximately 5.3 miles by car or take an estimated 43-minute journey using public transport to reach the new branch. However, HSBC emphasized that customers could use any branch for their day-to-day banking needs. Additionally, personal customers have the option to utilize Post Office counters in Glebe Street, a short walk away from the Penarth HSBC branch, for general services such as cash or cheque deposits, withdrawals, and balance inquiries.
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HSBC reported a 33% decrease in the number of UK customers using in-branch services over the past five years. In Penarth specifically, 95% of customers have registered for telephone banking, while around two-thirds have signed up for internet and mobile banking services. However, the active usage rates of these digital alternatives in the town are lower, with 41% for telephone banking, 37% for mobile banking, and 31% for internet banking.
Notably, one-third of HSBC customers in Penarth solely rely on in-branch banking and do not use other methods. For customers considered vulnerable, the usage of technological alternatives is even lower. Only 12% of vulnerable customers in Penarth actively use telephone banking, while the figures for mobile and internet banking are 5% and 4%, respectively.
HSBC acknowledged that 15% of vulnerable customers who exclusively use the branch will receive additional support until the closure.