If you’re a Nationwide Building Society customer, you might want to think again about where your money’s kept after the organisation announced plans to close seven branches across south-east London.
Offices at Blackheath, Catford, Greenwich, Lewisham, Peckham, Walworth and Woolwich will close on 27 May, with Nationwide telling customers that staff would be redeployed. (See the letter sent to customers.)
The doomed branches include those inherited from the Portman Building Society in 2007 at Greenwich and Blackheath, which itself took over the Greenwich Building Society in 1997, as well as a relatively new outlet at Woolwich which opened less than four years ago.
Nationwide said the closures were based on “transaction patterns, the ongoing costs of the location, and the number of members and customers actively using the branch”. Which is odd, because the Lewisham branch has always been packed in my experience. It was closed suddenly and with no explanation yesterday afternoon, presumably while staff were told the news.
It added it was “committed to offering a sizeable branch network in London” and claimed there would still be 16 branches remaining in south-east London (Although at present, a quick count-up shows they only have 15 at the moment – see below.). Last year, the mutual warned of branch closures following a drop in profits.
Here’s my five nearest branches at the moment – four will be gone by the end of May. By my reckoning, there’ll be no branches in the 10 miles between the Strand and Eltham, with only eight branches left in south-east London, all in the suburbs (Bexleyheath, Eltham, Sidcup, Orpington, Petts Wood, Bromley, Beckenham and West Wickham).
UPDATE 2PM: Thanks to Brian, who’s knocked up this Google Map of the doomed branches and the alternatives…
A Nationwide spokesman told Docklands 24: “What we are noting in the urban conurbations is a growing use of alternative channels and people who live in the cities using the internet more than those in rural communities.
“We’ve seen these branches with declining usage and pretty much every branch has been unprofitable for a while.”
UPDATE 11:45PM: I’ve discovered another SE London Nationwide branch, in West Wickham. Which takes us up to 15 in SE London – so if Nationwide closes seven, how will there be 16 branches left? (I’m defining SE London as the SE postcodes plus the remainder of Bexley and Bromley boroughs.) The Woolwich branch only opened in April 2007, with Nationwide chief executive Graham Beale calling it “a prime example of the investment and commitment Nationwide has in its branch network”.