How will Lloyds Bank branch closure affect Fakenham?

The bank said it would be closing its branch on 27 Norwich Street in Fakenham next year in May, leaving only a Nationwide Building Society branch in the town.

The news has raised concerns about banking access for people not yet familiar with online banking, as well as businesses that continue to accommodate cash transactions.

Martin Towers, 52, was particularly shocked to learn of the news. 

Martin Towers said his parents opened a Lloyds' bank account for him when he was a young boy. (Image: Newsquest) Mr Towers, a window cleaner, said: "My parents started a savings account for me when I was a young boy and I've been with them ever since. 

"That's hit me hard. Fakenham Town Council has got to be doing more to keep this town more appealing."

The town seemed to be on the up as well after four businesses opened their doors in the town centre in the space of a month.

A retired architect said: "We were beginning to think Fakenham was improving and things were getting better, but this surely can't be helping that." 

Some have also expressed the impact it will have on the elderly who have grown accustomed to face-to-face service. 

Cat Barnes and Keiron Forshaw, both 23, visit Fakenham often and said the town is now just "hairdressers and charity shops".

Mr Forshaw said: "This is probably going to hit the older generation hard, especially those who live in the town and aren't able to drive or travel easily.

Miss Barnes said: "There really does need to be more in the town to help attract more people in - especially younger families. It's just hairdressers and charity shops now." 

Brett and Teresa Fennell visited Fakenham from King's Lynn and said the bank closure was likely down to a lack of footfall. (Image: Newsquest) Brett and Teresa Fennell, who were also visiting the town from King's Lynn, said it is not a surprise high street banks are closing down, especially in "quiet" market towns like Fakenham.

Mrs Fennell said Fakenham was "lovely but there isn't much to come to". 

She said: "It's a shame, but it comes down to footfall and if there isn't much for people to visit, they'll find other places to go."

George Condron said banks should be doing more to support local businesses. (Image: Newsquest) George Condron, 64, who runs an online business, said: "It's crazy. I love this town but I hate what it's becoming.

"We've just seen how four businesses started up here in a month and I'm sure they rely on banks heavily. 

"I like supporting local businesses and I wish banks would do the same."

So what could this mean for the town's businesses?

For those who accommodate cash transactions, it means having to travel to another town to withdraw and deposit money.

It could also mean an end to face-to-face assistance for customers of the high street bank.

Venetia Strangwayes-Booth is concerned the impact this will have on businesses in the town. (Image: Newsquest) Venetia Strangwayes-Booth, who runs Venetia's Yarn Shop on the same street where the Lloyds Bank branch is, said: "It's the pits." 

"For businesses, there are no more banks in this town because Nationwide doesn't do business banking. 

"Lloyds was one of the few reasons people in the town walk down this street." 

Claire Howard hopes her son will still be able to go into a bank to experience customer-facing service that teaches him how to save. (Image: Newsquest)

Claire Howard, the owner of the jewellery shop on Upper Market, has been with Lloyds for more than 25 years and wanted her son to learn the benefits of saving from a young age. 

She said: "It's almost like he's not going to have that opportunity because it will all be online soon."

Angela Glynn, Fakenham's mayor, said the news is a "great disappointment" to the town and the "removal of the well-used exterior cashpoint will be a particular loss". 

"However, cashpoints are available at the Post Office in Millers Walk, Tesco and Morrisons and there is another in the Nationwide Building Society office.

She said: "It seems that those who run the big banks just don't want their staff to talk to customers anymore, sadly." 

Fakenham's mayor said there will still be exterior cash points at Tesco, Morrisons and at the Post Office in Millers Walk (Image: Archant) Broadland and Fakenham's MP, Jerome Mayhew, is demanding to meet bank bosses about the closure.

He said: "While we all know that people have changed the way they use banks, there is still a need for access to cash and advice from a real human particularly for older residents.

"I have asked to meet Lloyd's to ensure face-to-face contact will remain and push for a proper banking hub that works for the residents and businesses of Fakenham."

The closure is one of 55 nationally announced by the banking giant, with Thetford and Beccles also to lose their branches.

A Lloyds Banking Group spokeswoman said: “Mobile banking is more popular than ever, with over 19.5 million customers choosing our app to manage, maximise and understand more about their money.

"Alongside our app, customers can bank online, over the phone, at a Banking Hub, a Post Office or by speaking to one of our community cankers.

"All locations announced for closure have alternative options for accessing cash nearby, such as a Post Office, or free-to-use ATM."