The imminent closure of a bank will significantly inconvenience the elderly, it is claimed.

It has been announced the South Woodford branch of the Co-Operative bank, in George Lane, is due to close in June this year.

It is one of 57 branches being closed by the bank this year.

Robert Ford, 64, of Harrow Road, Aldersbrook, regularly takes the W14 bus to South Woodford to visit the branch and said he wanted to remain banking with Co-Op because of its ethical lending policy. 

Mr Ford added: “There are so many elderly people who use this bank branch and I am devastated for them - it is in the perfect location with three major supermarkets.

“I and so many others are fed up with big banks which is why I bank with the Co-Op, as it has ethical standards that the others don't follow.

“People over 50-years-old, especially, have always gone to the bank and expect a personal one-on-one service.

“What will we do when the branch closes?

“This will significantly inconvenience the elderly in the area because they generally don’t use online banking.

“Personal banking, on first name terms, is disappearing.”

When the branch closes, the nearest Co-Op will be in Hoe Street, Walthamstow, or High Road, Ilford.

East London and West Essex Guardian Series:

The bank branch in George Lane, South Woodford.

 

Mother-of-two Evett Sargent, of Armstrong Avenue, Woodford Green, also said she was using Co-Op for their ethical standards.

The 38-year-old said: “The bank is busy and well-used by local people so it is a shame it is closing.

“Staff are really helpful and I don’t want to change accounts because the ethical standards of Co-Op are so important.

“When my two sons grow up I don’t want them to turn around and ask me why did I not use an ethical bank?”

Conservative Church End Cllr Tom McLaren said people may be forced to move accounts to another bank.

He said: “Co-Op is having to make some tough decisions with regards to branch closures.

“It is very unfortunate for local residents and the bank is used by a lot of elderly residents.

“As the decision is a business-related and purely for Co-Op to make, the council can’t do anything about it.

"But I certainly don’t like to see shop units going empty in South Woodford for any reason.

“Switching banks accounts is relatively straightforward and this may be an option as there are many other banks represented in the area."

Co-Op has been contacted for comment. 

The bank claims it has declined £1billion of lending between 1992 and 2013 because it conflicted with its policies including refusing to support businesses with links to the manufacture of torture equipment, or the trade of weapons to oppressive regimes.