TSB closing more branches......where is it going to end ?

[ianrauk]

For years all my small loose change has gone into a pot which I then occasionally count into plastic money bags.
When it got to, say, £50 I changed it at the bank and we would treat ourselves.
I have approx £50 now......but no bank to change it at.
Edit.
Maybe at the post office ?

Some supermarkets have cash machines.

 

[Mo1959]

For years all my small loose change has gone into a pot which I then occasionally count into plastic money bags.
When it got to, say, £50 I changed it at the bank and we would treat ourselves.
I have approx £50 now......but no bank to change it at.
Edit.
Maybe at the post office ?

Don't know if they still do it, but one of the bigger Tescos near here had a machine that you tipped your coins into and it sorted and counted them for you and issued a receipt that you could take to a desk. I think if I recall you could either just have the cash, or change it for Tesco vouchers. Been a while though.

Lol. Ian beat me to it.

 

[SpokeyDokey]

I really can't remember the last time I carried or used cash.

Ditto.

Many people I know have simply stopped using cash.

 

[Mo1959]

For years all my small loose change has gone into a pot which I then occasionally count into plastic money bags.
When it got to, say, £50 I changed it at the bank and we would treat ourselves.
I have approx £50 now......but no bank to change it at.
Edit.
Maybe at the post office ?

Just been googling Dave. They are called Coinstar machines and you can search by your postcode and find your nearest one.

 

[cougie uk]

Just been googling Dave. They are called Coinstar machines and you can search by your postcode and find your nearest one.

They do take a percentage as their commission don't they ?

 

[derrick]

We have been with TSB since 1969.

There must be many people who just cannot do it and now have no local branch.
Seems as though they no longer care about people

When did banks ever, they are there to make money.

 

[vickster]

They do take a percentage as their commission don't they ?

Yes, they provide a service, will cost them to bank the coins too.
I think Metrobank might have machines for anyone to use

 

[Mo1959]

They do take a percentage as their commission don't they ?

So I see. Just over 10% currently, but it's just so convenient I would probably still use it. I couldn't be bothered counting coins into little bags and trying to find somewhere to take them.

 

[classic33]

Just been googling Dave. They are called Coinstar machines and you can search by your postcode and find your nearest one.

And they take as much as 15% of what you put in them.

 

[LCpl Boiled Egg]

Use the self-service tills that accept coins and notes.

 

[Dave7]

Use the self-service tills that accept coins and notes.

I have 50 quid in 1s 2s 5s and 10s.........I would be popular

 

[harlechjoe]

Good morning,

Where is going to end is, according to my crystal ball;

People

• Everybody will need to have either a bank account or a State issued Visa/Mastercard prepaid debit card which will accept Universal Credit/State Pension payments.

Smaller towns/villages

• No bank branches
• One or two cash machines, probably not charging directly but operated by third parties and funded by the banks
• Some post office (or M&S money etc.) deposit facilities as many business still need to pay in cash, payment amount probably capped.

Extras in the larger towns/cities

• One or two bank branches from banks like Metro, with a small number of customers who are willing/need a branch and are willing to pay for it. Similar to the market for American Express cards, Visa/Mastercard work fine but some like Amex.

I suspect that whatever data breaches that occur from home working will be treated as an acceptable cost of having no branches, once enough are closed no government will have the nerve to do anything other than issue fines, which will be passed on to the account holders as lower interest on deposits or higher charges.

The big test will come when a shop or a collection of shops have to close as they can't take cards because of a technical failure and how long that failure lasts and how easy getting cash as backup is.

I am out of touch on this but it used to be the case that in Scotland that cash in a cash dispenser belonged to the central bank until it was issued, whereas in England it belonged to whoever was operating the cash machine at all times. This is important as it affects the amount of cash that could be in the machines.

As for acceptance, one of my favourite wet led pubs started taking plastic a couple of years ago and many, many older customers now pay by card, it seems to be pretty even between the costs charged by the card provider per transaction and the cash deposit charges made by the bank. Especially if you take into account a customer spending more on a card than they would if they had taken £20 out with them.

The big losers will be the cash in hand economy and those small number of people and businesses who can't get a bank account/pre paid card/Merchant account, for businesses, as they fall foul of some form of credit check or we don't want you as you won't be spending enough.

Bye

Ian

Some very good points raised here

 

[keithmac]

The Post Office will let you pay cash into most UK bank accounts, that's the only thing I ever stepped inside a bank for.

Another vote for First Direct here, been with them over 20 years and always great service over the phone when needed but to be honest everything I do is over the Internet now.

We were talking about this the other day at work, gone are the days of walking to the bank for a statement to see what's what, all at your fingertips within seconds now.

 

[Toshiba Boy]

And they take as much as 15% of what you put in them.

Their business model is to collect coins (low value and pain in the proverbial to cart around in bulk, by the very nature of being...coins) and then cost of travel/driver etc, to bank them.

Surprised it's not a higher percentage to be honest.

 

[cougie uk]

Their business model is to collect coins (low value and pain in the proverbial to cart around in bulk, by the very nature of being...coins) and then cost of travel/driver etc, to bank them.

Surprised it's not a higher percentage to be honest.

It's fine for people just cashing in their loose change but no use for businesses. They need banks.