Whitby's Virgin Money branch on Baxtergate set to close - here's when
Another bank in Whitby has been earmarked for closure.
Virgin Money has announced plans to close nine stores across Yorkshire, including the branch on Whitby's Baxtergate, as it adapts to changing customer demand.
They say the number of customers using bank branches for day-to-day transactions has been on a downward trajectory across the UK banking industry for a number of years, and this has been further accelerated by the pandemic.
The decision to close a store is based on a number of factors, including location, usage, proximity to alternative stores and lease arrangements.
Virgin Money said each store was assessed on an individual basis, with careful consideration of the impact on the local area, as well as the needs of vulnerable customers and the accessibility of alternative services such as free-to-use ATMs and the Post Office.
Customers can use Post Offices for day‐to-day banking, including cash deposits and withdrawals, cheque deposits and balance enquiries, as well as coin exchange.
Eight of the nine stores closing in Yorkshire are located less than a mile away from the nearest Post Office. For the other store, the nearest alternative Virgin Money store is 2.7 miles away.
A further 21 stores will be closing across the UK in early 2022.
It is Virgin Money’s intention to find alternative roles for colleagues wherever possible, either within other stores locally or elsewhere in the Group. However, some colleagues will be at risk of redundancy. It is expected that the changes will result in a reduction of around 112 full time equivalent roles across the Group.
Fergus Murphy, Group Customer Experience Director at Virgin Money said: “As our customers change the way they want to bank with us and conduct fewer transactions in-store, we must continue to evolve the role of our stores into places where we showcase our products and bring our digital services to life.”
Written notification will be sent to customers and posters will be displayed in each affected store at least 12 weeks before they close, providing details on the alternative ways customers can continue to manage their accounts, including nearest alternative stores, ATMs and Post Office counters.
Virgin Money will work with customers to support a smooth transition, particularly where vulnerable customers are concerned.
Virgin Money took over Yorkshire Bank in 2018 and attracted controversy at the Whitby branch as Whitby Civic Society objected to its "garish" branding.
NatWest Bank is another in Whitby that closed and is now home to Papa's chip shop.