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Bank closures will be 'detrimental' to communities

80% of people believe that bank closures will be 'detrimental' to local communities, according to a recent survey.

It comes as the sector has been hit with much change and turblence; Ulster Bank and KBC customers will need to switch their current accounts to a new bank before the providers withdraw from the sector.

While Waterford has already lost three branches of Bank of Ireland since October last year. The sites that closed were in Ardkeen, Kilmacthomas, and Lismore.

Survey findings

A new survey by Peopl Insurance has found that the majority of respondents are critical of bank closures.  They agree that the reduction in face-to-face service and the job losses are negative side effects.

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4 in 10 have said they will switch banks if their local branch closes.

Just over 40% of 18-24-year olds see the branch closures as a good thing. They say they are a positive sign of advancements in technology.

29% of people over 55 prefer to bank online compared to 64% of people between 18 and 24.

Double the number of men (10%) to women (5%) already bank solely online.

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"Ulster Bank’s departure from the market will see a further 63 branches nationwide close their doors. Hundreds of thousands of customers will be inconvenienced, at the very least, as a result of these closures," said Paul Walsh, CEO of Peopl.ie.

For more on Waterford banks closing, click here.

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