Everybody in Wick was shocked by Virgin Money closure decision, says community council vice-chairman
Register for free to read more of the latest local news. It's easy and will only take a moment.
The decision by Virgin Money to shut its Wick branch came as a shock everyone in the town, according to the vice-chairman of the local community council.
Allan Farquhar also said that following the loss of the Royal Bank of Scotland and TSB branches it may be necessary to look at creating a banking hub for Wick.
Virgin Money announced last week that it will axe its branch in Bridge Street as part of wider plans to close 12 sites across Scotland as it adapts to "changing customer demand” with online banking.
The move came a year after its much-publicised rebranding and relaunch in the former Clydesdale premises. The branch is earmarked for closure on January 17.
Speaking at the October meeting of the Royal Burgh of Wick Community Council, Mr Farquhar said: “I think everybody in the town was shocked when we heard that. That leaves us with one bank in the town [Bank of Scotland].
“I have read something about other towns having banking hubs, because that's the way it looks to be going.
“How long the last bank lasts... it's a bit concerning.
“There could be some mileage in having a banking hub. We must throw that into the ring, I would suggest.”
He suggested that bank customers had become “victims of technology”.
Local MSP Maree Todd has called on Virgin Money to reconsider, saying it is a matter of "social responsibility and financial inclusion".
Ms Todd said this week: "I have written to Virgin Money UK’s chief executive officer, David Duffy, to express my concerns over the bank’s decision to close its branch in Wick.
“In writing to me to share the announcement, Virgin Money quoted that just 46 per cent of their customers in Wick are digitally active. This figure is simply not high enough to justify a move to online banking.”
Trudy Morris, chief executive of the Caithness Chamber of Commerce, called it “a real blow, particularly as it comes so soon after a high-profile rebranding".
And local MP Jamie Stone asked: "Should people in the far north really have to be so desperately disadvantaged?"
The potential benefits of banking hubs were outlined by Mr Stone two years ago when he said: “If banks were to work together they could provide a joint branch in every community over a certain size, giving customers face-to-face advice and the ability to accept cash and cheques, regardless of which bank you are actually with."
Virgin Money says the number of customers using bank branches for day-to-day transactions has been on a downward trajectory across the UK for a number of years, and this has been further accelerated by the pandemic.
It says customers can use post offices for day‐to-day banking, including cash deposits and withdrawals, cheque deposits and balance enquiries, as well as coin exchange.
Fergus Murphy, group customer experience director at Virgin Money, said: “As our customers change the way they want to bank with us and conduct fewer transactions in-store, we must continue to evolve the role of our stores into places where we showcase our products and bring our digital services to life.”
