Medway Liberal Democrats reaction to Strood Lloyds Bank Closure

Medway Liberal Democrats are supporting a campaign to keep a bank in Strood town centre. NatWest announced the closure of its Strood branch in March this year, with Lloyds closing its branch in April. We are concerned that the closures will leave residents and businesses in Strood and the surrounding area without local banking services - they will have to go into Chatham.

Liberal Democrats are calling on both banks to reverse their decision to close its branch, and to retain banking services for local residents and businesses in Strood now and into the future. To show the strength of feeling in our community for retaining in-person banking services, we are calling on LINK to explore setting up a banking hub in the area, and we will keep residents updated as things progress.

Medway Liberal Democrats believe that the closure of the Lloyds Bank in Strood on April 2024, could significantly impact nearby businesses. The bank's closure comes after Natwest Bank closes its Strood Branch the previous month in March. The bank attracts customers to the area and the closure could result in fewer people coming into the High Street.
 

Alan Wells, spokesperson for Medway Liberal Democrats said: "Lloyds is a vital life line for businesses to be able to go into a bank to get change or deposit cash at the end of the day or week. Lloyds in Strood High Street has blamed the huge increase in online and mobile banking and the decline of customers using a counter service. With Rochester closing its doors in June 2017 and Gillingham in June 2022 , it means the nearest branch for customers is in Chatham High Street, about two miles away.

The reality is that it is a significant trip. For some elderly residents in Strood who rely on these services, not having access to online banking facilities, would find it a struggle to get to a bank. We feel that there is a need for a Lloyds presence in the town and the decision to close branches need to be reviewed to take into account the impact on the local community”.

Liberal Democrats are supporting local residents against the closure and we call upon Lloyds to reconsider their decision to close the branch. If closure of both branches is inevitable, Liberal Democrats are calling for a commitment to either mobile branches or using shared community or hub spaces. This could enable several banks to share a facility, reducing costs and maintaining a physical presence in communities. This has been achieved in several places, obviously keeping the branches open is the best outcome for Strood, its high street and its community.

ENDS