Expert warns elderly and vulnerable ‘loyalty doesn’t pay’ sharing ‘real concern’ behind bank closures
With the announcement that 292 Lloyds Banking Group branches will close throughout 2025, money expert and TotallyMoney CEO Alastair Douglas, is sharing a grave warning particularly for elderly and vulnerable Britons. He highlighted that amid the ongoing cost of living crisis, people have become more reliant on their banks than ever before, whether this be in-person or online, to best manage their money.
The expert pointed out that this is partially due to more people migrating to online platforms to manage their finances, it’s also because “going digital will also benefit the banks’ bottom lines”, he claimed. However, the Financial Ombudsman Service also found that last year complaints about banking and payment hit a ten year high.
This, coupled with the newly announced branch closures for 2025 and an undercurrent of fraud schemes becoming ever more sophisticated could spell disaster for elderly or vulnerable Brits. Alistair explained: “They’ll be less likely to have the understanding and ability to access online services and apps, effectively locking them out of the banking system.
“As we quickly advance towards an increasingly digital world, we must make sure that nobody is left behind.” He urged people who aren’t happy with how their bank is managing the current economic climate, or how they are being serviced, to look elsewhere for their financial needs to be met.
He warned: “Loyalty doesn’t pay, and with the Current Account Switch Service Guarantee, your payments and balance will be moved over automatically and your old account will be closed for you. So, you won’t need to worry.”
This free service allows Britons to simply transfer their current account, even switching overdrafts if they arrange it with their new bank. Over 50 banks and building societies are already part of the service that shifts customers’ payments and balances seamlessly as well as closing their old accounts.