The last remaining bank in Paddock Wood, NatWest, has permanently closed its branch on Station Road, marking the end of all banking services in the expanding Kent town.
This closure follows the previous exits of HSBC and Barclays, leaving local residents without a dedicated bank.
Paddock Wood has experienced significant population growth over the past decade due to the construction of thousands of new homes. Despite this, NatWest has opted to shut its doors, with a spokesperson stating, “As we adapt our services to meet changing needs, we may take the difficult decision to close or consolidate some of our branches.”
Residents are now directed to the Post Office for basic banking services, such as cash withdrawals, cheque deposits, and balance enquiries. However, for payments or transfers, customers will need to travel to the nearest NatWest branch in Tunbridge Wells.
NatWest is encouraging customers to utilise its comprehensive range of online services, including internet banking via its app, video banking for both personal and business needs, and telephone banking.
The decision has been met with disappointment from the local community. In a leaflet, NatWest disclosed that customer usage of the branch had dropped by 67{37471d21a8c4ca072ce05e5c1dfbdaec01ff2ef8391827b0199be0aecce32fae} between 2019 and 2023. Furthermore, in 2022, 72{37471d21a8c4ca072ce05e5c1dfbdaec01ff2ef8391827b0199be0aecce32fae} of customers who visited the branch also used online banking services.
A NatWest spokesperson acknowledged the frustration but emphasised the bank’s commitment to a sustainable network. “While we know that this is disappointing, we have carefully considered how best to invest to make sure we have a sustainable network for the future. We are also significantly investing in refreshing our network, with close to £35m allocated for this purpose across the UK from 2023-24, alongside continued investment in shared solutions like the Post Office and banking hubs.”
