“We can’t bank on the big banks” – Rhun ap Iorwerth

Ynys Môn Assembly Member Rhun ap Iorwerth has said that recent Which? figures on bank closures has highlighted the fact that the big banks are turning their backs on rural areas such as Anglesey.

The figures show that Ynys Môn has lost 63% of its bank branches since January 2015, and now has only 6 branches.

On top of this, Barclays recently announced that its customers would no longer be able to withdraw funds from their accounts at Post Office branches either.

Rhun ap Iorwerth commented:

“Of course, we were already aware of the closing, one by one, of bank branches across Anglesey. But these figures highlight just how bad the situation is. Figures from Which? show that just since 2015, Ynys Môn has lost 63% of its bank branches.

“Constituents are often told when branches close that they can use alternative services, such as online banking or their local Post Office instead. But we know that some areas of Anglesey still have poor internet speeds, and Barclays have now announced that their customers will no longer be able to draw funds from their accounts at Post Offices either.

“I intend to raise this matter with the First Minister in the Senedd next week as it is clear that we cannot rely on the big banks and need to think of other models.

“Of course, Ynys Môn isn’t alone in this. Even in the Economy Minister’s own constituency of Clwyd South, he has failed to be able to stop the closure of 80% of branches since January 2015, leaving it with just one branch.

“I support taking innovative steps such as creating our own community bank in Wales, and will be meeting with Banc Cambria in the near future to discuss their plans, because it’s clear that we can’t bank on the big banks anymore.”