Virgin Money UK has announced the closure of its Yorkshire Bank branch on Kirkgate, effective 16 March 2021, which will leave Otley with just one branch.
The only bank in town will be the Halifax, which means that Yorkshire Bank customers will now have to travel to Horsforth for any over-the-counter transactions.
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Virgin Money has invoked economic reasons for the decision. “The number of customers using bank branches for day-to-day transactions” has decreased across the UK banking industry “for a number of years,” it said.
Paul Titterton, Virgin Money’s head of personal distribution said:
“As our customers change the way they want to bank with us, we must evolve the role of our network and invest in all of the ways that customers choose to transact.
“The decision to close the Malton and Otley branches was carefully considered and reflects the lower customer usage each site has experienced for some time. We remain committed to our stores and continue to invest in them, as the ongoing rebrand of our entire network to Virgin Money demonstrates.”
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By GlobalDataCommunity leaders say the bank closure will leave customers struggling
Councillor Sandy Lay (Lib Dem, Otley & Yeadon), in his letter of objection, said: “This is very disappointing news for the community.
“Leaving the town during a pandemic is pretty poor and reflects badly not just on Yorkshire Bank but the banking sector. As one of the last two banks left in our semi-rural town upping sticks will leave significant numbers in need of finding new banking services yet again.
“The digitally disconnected, the elderly, the infirm, those without readily accessible transport will all suffer.”
The bank closure is “disappointing”
MP Alex Sobel (Lab, Leeds North West) said: “It is disappointing that once again we are talking about another branch closure in my constituency. This has a significant impact on the many, particularly older people who are not online as well as for the businesses that depend on a local branch.
“Otley serves as a hub for many businesses and we risk being bypassed if the only place to make transactions is in Leeds or Harrogate. It is a shame that a bank bearing the name of our region will no longer be present in our communities and I will be writing to strongly urge them to rethink.”
