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Devon firms facing closure of their local banks

As many local people may be aware, Lloyds bank is next in line to close some of its doors across Devon meaning many more of our small businesses face longer journeys to bank cheques.

At the moment businesses that are based in the South Hams area are the most affected with some facing over 30-minutes drive to the nearest bank – with these closures some face longer drives, and East Devon businesses are looking at similar drives. 

As part of this the FSB has done some research and finds that: 

Small businesses that are affected by branch closures receive limited communication from their bank with regard to support and signposting towards alternative banking services.

In spite of the increasing range of payment methods used by small businesses, cash is still vital to the operation of many local economies. 

In some areas there is limited provision of ATM machines. Business banking services provided at some Post Office branches are often limited. Some services, such as cash and cheque deposit facilities, appear to be processed more slowly than in bank branches.

Other services, such as inter-account transfers and currency exchange, are not available in some branches. Internet access to online services is often challenging due to unreliable connectivity. Activities such as processing a bill payment or registering for a service are often compromised as a result.

There needs to be solution to this and fast or many businesses in the Devon area will face long journeys every week to simply bank cheques.