Lloyds, Halifax, and Bank of Scotland customers are no longer able to deposit cheques at Post Office branches due to recent changes. Despite ongoing closures of bank branches, customers can still withdraw and deposit cash at Post Office locations.
The banking group, serving approximately 28 million customers, removed the cheque deposit option last month. Lloyds Banking Group disclosed plans to close an additional 95 bank branches between May 2021 and March 2027, affecting 53 Lloyds, 31 Halifax, and 11 Bank of Scotland sites.
Over the past decade, Lloyds Banking Group has shut down 1,470 branches, according to consumer group Which?. To maintain cash access nationwide, the cash access network Link announced the establishment of 14 new banking hubs.
Banking hubs are shared spaces where staff from various banks offer services such as cash withdrawals, deposits, and bill payments. A spokesperson from Lloyds mentioned that most customers now prefer using the banking app to deposit cheques by taking a photo, while a new freepost cheque service has been introduced for those who still require it.
Although the exact impact on staff was not specified, Lloyds ensured that employees affected by branch closures would be offered alternative roles within the business. The ongoing closures will result in a total of 49 sites being shut down by October, following 136 closures announced around a year ago. After completing all planned closures, Lloyds will have 610 branches remaining.
A Lloyds spokeswoman emphasized the importance of offering customers various banking options, including mobile apps, messaging services, community bankers, PayPoint, and access to physical branches. This strategy aims to provide customers with flexibility in managing their finances wherever and whenever they need assistance.