Coventry Building Society has announced plans to close its Nailsworth branch this summer, citing a significant decline in customer usage and changing banking habits.
The branch, located on Fountain Street in Nailsworth, is scheduled to close at 1pm on Friday, August 28.
A spokesperson for Coventry Building Society said: “We’re proposing to close our Nailsworth branch due to its low usage and to help us maintain a thriving branch network that’s valued by members.
“Before making this decision, we considered a number of things. We thought about how it might impact any members. We looked at how suitable each location is, including how they are being used, and what alternatives there are for members in each area.
“We’ll provide an update with any feedback we’ve received two weeks before the proposed closure. This will include details on how we’re going to answer any concerns raised and our plans moving forward.”
The building society acknowledged the impact the closure may have on the local community and said it is engaging with customers ahead of the final decision.
In a statement on member and customer engagement, the society added: “We know that closing our branch in Nailsworth will affect the local community. That’s why we’re working to explore how this may impact people in the area.
“We’ll write to all members who have transacted in the Nailsworth branch within the last year to let them know about the proposed closure.”
The society says transaction levels at the Nailsworth branch have fallen sharply over recent years as more customers move to online and telephone banking.
Figures released by Coventry Building Society show:
- Transactions at the Nailsworth branch have fallen by 59% over the last eight years
- Only 10% of customers using the branch do so more than once a month on average
- Average daily transactions are 76% lower than across the rest of the society’s branch network
The closure forms part of wider changes across the banking sector, where many high street branches have faced declining footfall as digital banking becomes increasingly common.
