FIN. TeamUK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures. It is hoped that these changes will help banks provide customers with clear, understandable, accessible documentation and information about that specific closure and how they can continue to bank after the branch has closed down.
According to the new Standards, banks planning on closing a branch down must communicate to customers: their decisions in at least two parts, to provide them with:
- Initial announcement of closure;
- Post announcement and pre-closure; and
- Post-closure.
The communications should take place as soon as possible after decisions are made, and banks should take particular care to engage with older and more vulnerable customers.
