Loss of business forced bank axe

Loss of business forced bank axe

31 December 2014

THE Ulster Bank is closing its branch in Newcastle due to a fall in business, it has been confirmed.

The news was revealed during a recent meeting to discuss the controversial decision to axe the Main Street branch in February.

Explaining the closure decision, senior bank officials said while the number of customers using the Newcastle branch increases during the summer, the general number of customers did not warrant keeping the bank open.

Bank officials told councillor Laura Devlin and Newcastle Chamber of Commerce president Eric Ruddle during a meeting in Newry that given the current economic climate and the need to invest in IT, they “had no option” but to close the Main Street branch.

However, bank officials did agree to provide a mobile banking service to customers in the resort for three hours each week and reaffirmed a commitment to maintain a cash dispensing machine.

The officials said the Ulster Bank will continue with what was described as “enhanced working” with the Post Office to allow its customers to make lodgements over the counter.

Councillor Devlin highlighted the need for the Newcastle branch to remain open, arguing many of the bank’s elderly customers are not familiar or interested in internet banking. She said traders need to have cash they lodge credited to their accounts immediately and have access to a night safe.

“While I appreciate a mobile banking service for three hours a week is not ideal, nor what we had hoped for, it is better than a total withdrawal of banking services from the town,” she continued.

Councillor Devlin stressed the importance of cash flow for small businesses and how the lag time between lodging the cash at the Post Office and it being credited to their respective accounts account needed to be quicker.

She continued: “It’s my understanding the Ulster Bank is actively identifying vulnerable customers and doing its best to smooth the transition to a new branch, the Post Office or an introduction to internet banking.

“Whilst I welcome there will be no staff redundancies, I do believe staff should now know where they are to be posted after the closure. I have been assured this is a work in progress and everyone should know soon. Staff deserve to be able to plan for their future.”

Councillor Patrick Clarke said he’s disappointed the Newcastle branch will close, despite a robust case for its retention being put forward during the recent meeting.

“It seems clear that online and internet banking is the preferred option for all High Street banks, instead of providing customers with face-to-face contact with their respective staff,” he said.

“Despite Newcastle being a premier tourist destination, Ulster Bank officials believe the current banking business at the resort’s branch could no longer be justified and have decided the branch will close in February,” added Mr. Clarke.