Letchworth: Barclays Bank set to shut for good
By Layth Yousif
21st Jul 2022 | Local News
A high street bank is set to shut for good in Letchworth.
Our town's branch of Barclays will close on September 30. The move comes after the bank said only seven customers use the Station Place branch near to Letchworth railway station.
Compared to pre pandemic business, Barclays say in 2021-22 the site saw a 60 per cent drop in counter transactions by customers, amplified by a 65 per cent fall in business and corporate customers.
According to the Reuters News Agency Barclays faces an estimated £450m ($592m) loss and regulatory scrutiny for exceeding a US limit on sales of structured products.
Barclays said: "90 per cent of our branch customers also use other ways to do their banking, such as online and by telephone - only seven customers use this branch exclusively for their banking."
Barclays are directing customers to its Hitchin branch nearly four miles away and its Stevenage branch (nearly seven miles away), as well as the two post offices in Letchworth.
Of the 573 customers who used the branch 12 or more times in the last year, around half also use nearby branches, it found.
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