Calls for community banking hub in Ilminster as town's final bank to close
Councillors are campaigning for a community bank in a town centre as residents face being left without a bank. Lloyds previously announced it would close its Ilminster branch on August 14, 2024, and leave the town with no more banks.
Lloyds want to close their branch on Silver Street due to falling in-person visits and the rise of online banking. They added that a community banker would be employed to help residents with their banking enquiries.
The bank's upcoming closure has been met with anger and dismay from residents and politicians, with many pondering how residents and businesses will be able to get financial advice. MP Marcus Fysh has already contacted Lloyds to encourage them to reverse their decision.
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Councillor Adam Dance, who represents South Petherton & Islemoor at Somerset Council, has contacted Lloyds Bank complaint manager Matthew Maycock to reconsider the closure of the Ilminster Branch. Councillor Dance has asked for suggestions where this person can be located.
The prospective parliamentary candidate for Yeovil has called for a Link banking hub to be set up in Ilminster. Link however believes the town does not qualify for a banking hub because less than 7,000 people live within a kilometre of the town centre and doesn't have enough retail businesses nearby.
He said: "The obvious answer to where the Community Banker should be placed is in a Banking Hub which can provide services across a range of different banks. Link, the cash machine provider, must now be asked to reconsider provision of a banking hub in Ilminster.
"I will be contacting both Link and Cash Access UK to ask them to look again at Ilminster and the need for in-person banking services for the wider community.
"The nearest bank branches in Chard and Yeovil are not easy to reach, especially for those north of Ilminster and in the surrounding villages. We need to ensure that all those who require, or prefer, direct contact with their bank can have this, and a Banking Hub would be a valuable resource for Ilminster as the population there grows."
The nearest Lloyd branches to Ilminster are on Fore Street in Chard and Fore Street in Taunton. A spokesperson for Lloyds said: "75 per cent of our personal customers already use other ways of banking, such as mobile, internet or phone banking, as well as other branches.
"Branch transactions at the Ilminster branch fell more than 61 per cent between 2018 and 2023."