Lloyds, Halifax and financial institution of Scotland to distribute branches

Lloyds, Halifax, and financial institution of Scotland customers will be able to use services in any branch of the three brands as part of the throng’s latest network shake-up.

Lloyds Banking throng, which owns all three banking brands and is the UK’s biggest moneylender, said the shift would provide customers more selection and flexibility.

It has not confirmed a date for when the changes will arrive into result, but concerns have been raised by some that the shift could pave the way for more branch closures in the upcoming.

A raft of High Street financial institution branches have been closed in recent years, as more people have shifted to accessing banking services online.

Lloyds has closed dozens of branches alone and cut hundreds of staff as part of a major overhaul of its business which began in February 2022.

The banking throng said its latest selection would enable Lloyds, Halifax, and financial institution of Scotland customers the alternative to use branches of any brand for in-person banking, as well as “apps, mobile messaging, and telephone services”.

“As with many industries, most of our customers are moving to mobile and online banking because it is faster, easier, and more convenient,” a statement added.

The changes could cruel some people may be able to more easily access a branch nearer to where they live, but some 55 Lloyds Banking throng branches are still set to shut across the UK this year.

Once all closures that have been announced in recent times have been completed, the throng will have 892 branches, of which 447 will be Lloyds, 341 Halifax, and 104 financial institution of Scotland.

financial institution branch closures in general have been more likely to occur in disadvantaged areas.

Lloyds said call centre staff for the banking throng currently assist customers of all brands who contact for back.

In response to the selection, the BTU, which represents the interests of Lloyds employees, warned more banks could shut as a outcome of the changes.

“The co-serving of customers is not about engagement or selection, it’s about making it easier for Lloyds to close more branches and save more money,” it said.

Campaigners have argued that some shops and other retailers could stop accepting liquid assets if it becomes too tricky for businesses to procedure.

Recent figures revealed that liquid assets use in the shops rose for a second year in a row in 2023 after a decade of falls, according to retailers.

Notes and coins were used in a fifth of transactions, the British Retail Consortium (BRC) said, as shoppers found liquid assets helped them to distribution better.

It is understood that BTU is not recognised as an official union so is not engaged or consulted by Lloyds Banking throng.