Lloyds Announces Planned Departure from Putney
High Street branch due to be closed next April
Lloyds on Putney High Street Branch. Picture: Google Streetview
December 1, 2023
Lloyds Bank has announced its intention to close its Putney branch in the latest of a series of closures in the town centre.
The bank at 110 – 112 Putney High Street is due to serve its last customer on 4 April 2024 with the company saying the decision was taken after an ‘in-depth’ review.
Banks are obliged to produce a report to the regulator when they decide to close branches and show that there is alternative provision for customers. Lloyds are justifying closing in Putney by saying that an increasing proportion of customers are banking online and there are other branches nearby including the one in Fulham.
The report showed that 94% of customers using the branch were personal customers and 6% were businesses. Over the last five years in branch transactions by personal customers were down by 42% and by 62% for business account holders. 90% of the personal customers at Putney also used other Lloyds branches, internet or phone banking. It claims that only 166 customers used the branch on a monthly basis in the 12 months to July 2023.
Cashpoint machine transactions fell by half for personal customers but only by 17% for business customers. Alternative free-to-use cash machines are available at the NatWest across the road and at Eurochange as well as outside Tesco.
The Fulham branch of Lloyds is at 417 North End Road and the report says that it is 1.69 miles away and can be reached by bus in 20 minutes. There is also a branch on St John’s Road at Clapham Junction which is open later and is 2.4 miles away.
A decade ago, Putney had eight banks but will be down to two next April with just NatWest and Metro remaining. Barclays shut this September, HSBC left Upper Richmond Road in August and TSB, Santander, Halifax, and Nationwide departed previously.
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