Bank of Scotland to close branches in Ellon and Banff

Bank of Scotland Elgin Branch

BANK of Scotland has announced that due to limited customer use, its Banff branch will close on July 30th, with Ellon to follow on September 10th.

It will leave Ellon without a single bank in the town following the closure of the Virgin Money branch last year.

Subscribe to our daily newsletter

Why? Free to subscribe, no paywall, daily business news digest.

Gordon MP Richard Thomson said: “This news will come as a blow to customers in Ellon and it is disappointing that the fact this is the last bank in the community has apparently been overlooked by those making this decision.

“It is generally accepted that more and more people are doing their banking online and of course that leads to a reduction in footfall at local branches.

“The question for the banks is how they sustain their business in future when they don’t have a ready-made pool of branch customers and are simply one choice in hundreds online.”

Ellon’s TSB closed on Bridge Street last April, and Royal Bank of Scotland, also on Bridge Street, closed in 2018.

Mr Thomson said there was a “fundamental question” about what replaces banks on the high street.

There are similar frustrations in Banff, where Banff and Buchan MP David Duguid warned residents now could face 60-mile round trips to either Inverurie or Fraserburgh and has requested to meet with officials to discuss measures that will be put in place for customers.

Mr Duguid said: “The closures of branches in Banff and Buckie are a hammer blow to these communities who have been given very little warning of this happening.

“Banking services are a lifeline to many rural residents who use cash, especially the elderly who are finding it increasingly impossible to manage their money because more and more barriers are being put in their way.

“Residents in Banff will now be forced into making a 60-mile round trip to Fraserburgh or Inverurie which is completely unacceptable given ongoing cutbacks in public transport, and for customers in Buckie, their nearest will be Elgin.

“Banff and Buchan is one of the poorest served areas for rural broadband so it’s not going to be enough to ‘educate’ customers on how to use services online, when it’s just not an option for some residents.

“I have now requested a meeting with the Bank of Scotland to find out what mitigations will be put in place for both personal and business customers who are most dependent on the use of these branches.”

The latest stories