Wick’s last bank set to close but town to receive new banking hub after Bank of Scotland’s announcement
Bank of Scotland has announced that it will close its Wick branch but a proposed banking hub, recommended for the town, may ease local fears.
In a branch review released on Thursday, the bank states that before it closes any branch it looks at how its “customers are managing their money and using the branch”.
It continues: “Most customers are now using our Mobile Banking app, Internet Banking or calling us instead.
“This means they are using branches, including our Wick branch much less. Because of this, we'll be closing our Wick branch.”
The date of closure is set for June 25, 2025.
In the document, it further states that “a banking hub is planned for this area so you'll be able to use it to do your everyday banking”.
“Our community banker will be there one day a week and you can come in to talk to us. They can support you with banking online and can also provide help with making payments and other account enquiries.”
It gives information on where alternative banking can be found and that Bank of Scotland staff will be there to support customers in Wick.
Figures shared in the document clearly show that the number of customers using the branch has dropped by around 30 per cent since 2019 though ATM transactions have actually gone up slightly. It says that there is an average of 497 customers using the branch per month and over 50 per cent of customers using the branch are aged over 55.
Royal Bank of Scotland was the first casualty of the Wick bank closure trend in 2018 and was soon followed by TSB, Clydesdale Bank and then the short-lived Virgin Money in 2022.
Meanwhile, LINK, the UK’s cash access and ATM network, announced that locals and businesses in Wick will soon find it easier to access banking services “thanks to a recommendation for a new banking hub” in the town.
“Following today’s announcement of the closure of the final bank branch on the high street, LINK has confirmed that the town will benefit from a new banking hub as part of a wider commitment to protect access to cash,” said a LINK spokesperson.
They continue: “Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone.
“The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
“In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.”
To date, LINK has recommended 146 banking hubs, including 21 in Scotland. There are currently 60 banking hubs up and running in the UK.
The banking hub will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the local community and will start to look for potential sites. The hub will likely open in 12 months.
Chris Ashton, chief commercial officer, LINK, said: “We’re pleased to recommend this new hub in Wick. Many people locally still need cash, and this hub will play a crucial role in helping them access it on the high street.
“We’re determined to make sure that, as we all choose new ways to pay, people who use cash in places like Wick have the benefit of a convenient, accessible location to access and deposit cash on the high street.”
