Nationwide, the final bank and building society with a shop front on Portswood Road, is to close in June.
Article continues after this message...
In a letter to customers Nationwide says “unfortunately this is one of those rate occasions where there aren’t enough members coming in and it would cost too much to bring the branch up to scratch. It is taking more and more of your, our members’, money just to keep the Portswood building open.”
According to Wikipedia, “Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members.”
It merged with the Portman Building Society, which once had a branch almost opposite, in 2007.
Nationwide adds in its letter to members that the closure “is not a decision we’ve taken lightly”, and that it’s had a Portswood branch since 1974.
It will close on Friday, June 14 at 2pm.
Portswood councillor Lisa Mitchell (Lab) said: “This will be a real loss for those who find it difficult to bank online or need to get cash out from the cashpoint there. However the amount of people choosing to bank in person or needing cash is declining. I am worried about the effect another empty shop will have on the High Steet and I hope that it can be replaced by a business that will provide something valuable to the community.”’
The nearest alternative branches are at Above Bar Street and in Bitterne.
As reported, the Portswood branch of the Halifax building society, which was next door to Nationwide, shut in October 2018 because customers were “using it less often”.
There were similar announcements as the main four banks closed their doors one by one over the last few years, most to become food or drink outlets.