The closure of NatWest in Paddock Wood has left the town without a dedicated bank, prompting concerns among residents regarding access to banking services.
- NatWest’s closure follows the previous departures of HSBC and Barclays from the town, despite recent population growth.
- Local residents are now directed to the Post Office for basic banking needs, while more complex transactions require travel to Tunbridge Wells.
- NatWest is urging customers to use its online, app-based, video, and telephone banking services amidst the branch closure.
- The decision has sparked disappointment, with significant investment still being directed towards a sustainable network across the UK.
The recent closure of NatWest in Paddock Wood marks the departure of the last dedicated bank in the town. This follows the earlier exits of HSBC and Barclays, raising significant concern among local residents about their access to banking services. The town has experienced substantial population growth over the last decade due to new housing developments, yet despite this, the bank has closed its doors.
Residents are now directed to the Post Office for essential banking services such as cash withdrawals, cheque deposits, and balance enquiries. For payments or other more complex transactions, customers will be required to travel to the nearest NatWest branch located in Tunbridge Wells.
Amidst the closure, NatWest is actively encouraging its customers to shift towards its comprehensive online banking solutions. These include internet banking via its app, video banking for both personal and business needs, and telephone banking services. This push towards digital solutions comes as part of the bank’s broader strategy to adapt to changing customer needs.
The decision has not been well-received by the local community, who expressed their disappointment. According to a NatWest leaflet, the branch witnessed a 67% decline in usage from 2019 to 2023. Furthermore, it was reported that in 2022, 72% of customers using the branch also engaged with NatWest’s online services.
A NatWest spokesperson acknowledged this frustration but emphasised the bank’s commitment to maintaining a sustainable network. They stated, ‘While we know that this is disappointing, we have carefully considered how best to invest to make sure we have a sustainable network for the future. We are also significantly investing in refreshing our network, with close to £35m allocated for this purpose across the UK from 2023-24, alongside continued investment in shared solutions like the Post Office and banking hubs.’
The closure of NatWest in Paddock Wood underscores the ongoing shift towards digital banking and the challenges of maintaining physical branches in smaller communities.
