Controversial bank branch closure 'necessary'

It was announced that the South Woodford branch of the Co-Operative bank, in George Lane, is one of 57 branches being closed across the country this year.

People who use the service have spoken out against the move because they claim it will “significantly inconvenience” the elderly.

Users are also reluctant to move their accounts because of the bank's unique ethical lending policy.

When it closes in June, the nearest branch will be in Hoe Street, Walthamstow, or High Road, Ilford.

Robert Ford, of Aldersbrook, fears the elderly will be hit by the closure.

But Paul Denton, head of branch network at The Co-operative Bank, said the closure was necessary.

He said: “This change is part of our business plan to turn the bank around by restructuring and modernising the bank into a simpler, more efficient business.

"The decision to close our branch in South Woodford has not been taken lightly but is necessary as part of the changes we are seeking to build a sustainable business for the future.

“The nearest alternative branch in Walthamstow is approximately 3 miles and there are two Post Office branches nearby where customers can undertake most day to day banking transactions, as well as others in the area.

“We’re committed to maintaining the high levels of service that our personal and business customers have come to expect from us and are writing to affected customers giving them advance notice about these changes and the alternative options available to them.

“As we rebuild and reshape the bank we are focused on responding to the changes in the way customers are choosing to bank.

“While our branch network remains an integral part of our overall customer service offer, we are investing in our digital offering to provide customers with new, innovative ways to service their accounts as the trend for consumers to move their day to day transactions online accelerates.”