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The summary to the Scottish Affairs Committee report states: "The Covid-19 pandemic saw retailers seek to encourage customers to use contactless means of payment, whilst successive lockdowns across Scotland and the UK accelerated the transition to online banking due to temporary branch closures. TSB closed its Thurso branch in April, citing a decline in branch use with more customers switching to digital banking. The Wick branch of the Royal Bank of Scotland closed its doors in May 2018, TSB pulled out of the town in March 2021 and its Virgin Money branch shut in January this year. Only by working in partnership with Westminster, rather than engaging in toxic squabbles with it, can this happen."Ĭaithness is among the areas that have been hit hard by bank closures.
“The Scottish Government must act on empty promises and help some of the most vulnerable in our community. We will continue to call for schemes like community hubs and for the Financial Conduct Authority to prevent banks from carrying out large-scale closures without first providing adequate alternatives. "Lib Dems have consistently called on both the Scottish and UK governments to do more to find a solution to bank branch closures. “In an ever-escalating cost of living emergency, where people are depending on cash for budgeting purposes, the worrying number of bank closures is simply pouring salt on the wound. "Not only are locals being denied another important service, but it hurts tourists and visitors who may be seeking cash outside normal shop hours to use in local bars and restaurants.
Those who are vulnerable or elderly or who simply live too far away from a free-to-use ATM are losing out badly at a time of national crisis. Mr Stone, the MP for Caithness, Sutherland and Easter Ross, said: “Small communities are bearing the brunt of these antisocial, large-scale closures. The report notes that 500,000 people in Scotland depend on cash for budgeting and bills.
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It revealed that Scotland has the highest rate of bank closures across the UK, with 53 per cent of branches shutting since 2015 and 20 per cent of free ATMs closing since 2018.
Mr Stone was speaking as his party, the Scottish Liberal Democrats, called for "meaningful action" to preserve access to banking following the publication of the Scottish Affairs Committee’s report on Access to Cash in Scotland. He claims that people who are vulnerable or elderly, or who live too far away from a free-to-use ATM, are losing out at a time of crisis over the cost of living. North MP Jamie Stone has warned that small communities are bearing the brunt of "antisocial" bank branch closures and the loss of cash machines. The debacle resulted in a £330mln hit to the group’s profits, causing it to swing to a statutory loss before tax for 2018 of £105.4mln from a profit of £162.7mln in the prior year, as well as costing it 80,000 customers.Jamie Stone says people are depending on cash for budgeting purposes. The guarantee comes as the banking group tries to repair its reputation following an IT meltdown last year that left around 1.9mln customers without access to their accounts. However, all too often these customers must fight to be refunded and are not treated as victims of crime". "The vast majority of fraud claims across UK banking are from innocent victims of fraud who have been targeted by criminals and organised gangs. Richard Meddings, TSB’s acting chief executive, told BBC Radio 5 Live that the new guarantee would offer “piece of mind to our customers”. However, under TSB’s new guarantee customers would still be able to make a fraud claim under this type of scam, although the bank stressed that customers abusing the system by committing fraud on themselves or ignoring safety advice would not be reimbursed. If they have been tricked into authorising a transaction from their account to the fraudster, they are less likely to be repaid as they have approved the payment.Īccording to data from trade body UK Finance, this type of fraud, known as authorised push payment, cost around £354mln in 2018 and affected over 83,800 people. READ: TSB slumps to annual loss after spending £330mln on IT meltdownĪt the moment, banking users can usually only claim money back if a fraudster takes it from their account without their knowledge. The bank, which has around 5.2mln customers, said the guarantee would apply to losses incurred by its account holders from 14 April. TSB has launched a “fraud refund guarantee” to cover customers that fall victim to any financial scams, including those involving authorised payments.