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The way consumers and businesses interact with their banking continues to change,
bringing significant benefits to those who choose to opt for the convenience, security,
and speed of digital payments and banking. However, the Government also recognises
that physical access to banking continues to play an important role in many people’s
lives.<p> </p><p>Decisions on opening and closing branches are a commercial issue
for banks and building societies and the Government does not intervene in these decisions.
However, the Government firmly believes that the impact of branch closures should
be understood, considered and mitigated where possible so that all customers and businesses
continue to have access to banking services.</p><p> </p><p>In May 2017, the largest
banks and building societies signed up to the Access to Banking Standard which commits
them to ensure customers are well informed about branch closures, the bank’s reasons
for closure and options for continued access to banking services. Guidance from the
Financial Conduct Authority also ensures firms carefully consider the impact of branch
closures on customers’ needs and consider possible alternative access arrangements.</p><p>
</p><p>Alternative options for access can be via telephone banking, through digital
means, such as mobile or online banking, or via the Post Office. The Post Office Banking
Framework allows 99% of personal banking customers and 95% of business to deposit
cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches
in the UK.</p>
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