In a significant development, Santander will be removing counter services at several branches across the UK starting August 4, which will notably impact customers who frequently deposit coins or large amounts of cash. This move comes as part of the bank’s ongoing efforts to modernize its branch network and adapt to changing customer behaviors.
While details remain limited, this change is a reflection of the growing trend toward digital banking. Santander has not revealed extensive specifics regarding future branch adjustments, but the transition is expected to reshape its high street presence. This information was reported by DevonLive.
Counter-Free Branches: A Major Shift in Santander’s Banking Model
As part of a sweeping transformation, Santander branches in Gravesend and Liverpool (Allerton Road) will become counter-free on August 4. Additional branches in Camberley, Orpington, and Rotherham will follow on August 11. Customers will no longer be able to carry out routine transactions at face-to-face counters, and instead, staff will guide them to use cash machines and paying-in devices.
Impact on Small Businesses and Coin Deposits
This major change is expected to hit small businesses the hardest. Many of these businesses rely on face-to-face services to deposit their daily takings. Over the past seven weeks, 13 Santander branches have already eliminated counter services, and in the coming fortnight, five more will do the same. Small businesses and individuals who routinely deposit coins or substantial amounts of cash are being urged to visit their nearest Post Office, which remains unaffected by the changes.
Post Office Services: An Alternative for Affected Customers
Santander is reminding customers that they can still perform everyday banking tasks, including depositing coins and large sums of cash, at over 11,000 Post Office branches nationwide. Post Office services allow individuals to deposit up to £10,000 each day, with an annual limit of £240,000. This alternative service will play a crucial role for those unable to access counter services at Santander branches.
Branch Closures and Reduced Hours: More Changes to Come
Along with the counter closures, Santander is also reducing opening hours at many branches across the country. In total, 95 branches are being closed, and 36 others have had their opening times cut back. Some branches are now operating only three days a week. These reductions are in line with the bank’s efforts to streamline operations and focus more heavily on its digital and hybrid banking services.
Santander’s Digital Banking Shift: Adapting to Changing Customer Behavior
In response to the increasing trend of digital banking, Santander has reported a 63% increase in digital transactions since 2019. A significant portion of this strategy involves investing in new hybrid banking spaces, called ‘Work Cafes’, which combine banking services with co-working spaces to meet the evolving needs of customers who are increasingly conducting their banking online.
Withdrawal Fees at Post Offices: What to Expect
While many customers will still be able to withdraw money at Post Offices, it’s important to note that there are fees for larger withdrawals. Customers can withdraw up to £500 for free, but fees apply for larger amounts. The fee structure is as follows: £500.01 to £2,000 comes with a £10 flat fee, £2,000.01 to £3,000 incurs 50p per £100, £3,000.01 to £5,000 is charged 45p per £100, and withdrawals over £5,000 will be charged 35p per £100.
In a statement, Santander emphasised its commitment to ensuring that its branches remain ‘fit for the future.’ The bank stated,
As customer behaviour changes, we are ensuring that our branches remain fit for the future. Our new combination of full-service branches, alongside Work Caf̩s, counter-free branches and reduced hours branches, aims to provide the right balance between digital banking and face-to-face money management and guidance РThey further added,
As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future.
