After 75 years as the only bank in the vibrant and independent Hertfordshire community of Bovingdon, Lloyds TSB intends to close with effect from 24 March. This closure, if it goes ahead, has major implications for similar small communities throughout Britain .

The lame excuse of limited functionality is given, with the promise of a much better retail experience at larger branches in neighbouring towns. That the branch’s opening hours were cut to afternoons only and the absence of a computer link is down to Lloyds TSB; despite these shortcomings the branch currently fulfils a significant transactional need for many individuals, small businesses and voluntary organisations as well as being an essential component of the critical mass of services that keeps the community’s retail offering viable. The limited service available at the local post office is no substitute and the nearest bank will involve a return journey of over 8 miles plus the problems of traffic, parking and .pedestrianisation, to say nothing of cost and time loss.

Mileage is key because, Lloyds TSB argues contrary to the physical evidence, the branch is not a “last bank in town” and is therefore no longer included in its pledge to keep such branches open. To qualify now there must be no other bank within 4 miles by road, a definition the banks have slipped into the Banking Code ostensibly to give extra notice of closure in the case of rural communities losing their only bank, but now being used by Lloyds to justify breaking the pledge.

The mileage in this case is right at the margin and should be contestable but whatever the outcome it is bad news for over 50 similar communities having only a Lloyds TSB and for four times that number in England and Wales if other banks choose to follow the same devious route.
For advice on fighting local bank closures see Community Action pages of our website.

Contact

Derek French, Hon. Director 01582 764760