The loss of the Broughty Ferry Bank of Scotland branch – a sad outcome

Following many decades of serving Broughty Ferry, the Bank of Scotland has now closed its branch. This brings to an end a long presence in our community and, in my view, is deeply disappointing, writes Councillor Craig Duncan. 

What has been particularly frustrating is that this decision was made without any meaningful public consultation or engagement with local residents, businesses or elected representatives. Given the bank's long history in the area – and the fact that it benefited from taxpayer support during the financial crisis – I believe local customers deserved far better.

While banks understandably point to the increasing use of online banking, and suggest that customers can travel to Dundee or make use of Post Office services, these are not direct replacements for a fully functioning local bank branch. Face-to-face banking continues to matter for many people.”
The closure also leaves central Broughty Ferry with its a busy and well-visited shopping area, with only two cash machines. This follows the earlier departures of the former Clydesdale Bank (later Virgin Money) and the Royal Bank of Scotland, significantly reducing local banking provision.
I have spoken to several local self-employed traders who are understandably frustrated. They now have to take unpaid time out of their working day to travel into Dundee simply to pay in cash or obtain change for their businesses – transactions that simply cannot be carried out online.

Although fewer people now visit bank branches than in years gone by, there remains an important role for accessible, face-to-face banking. This is especially true for customers dealing with complex or sensitive matters, such as managing the financial affairs of a deceased relative. In those circumstances, the opportunity to speak with experienced, knowledgeable staff in person is invaluable and cannot easily be replaced by online forms, call centres or chatbots.

Had the bank been willing to engage constructively with the community, I would certainly have explored possible alternatives, such as retaining a part-time branch or another form of local banking presence. Sadly, it did not.

Some people have suggested that Broughty Ferry should seek a Banking Hub. While a Banking Hub would undoubtedly be better than having no alternative at all where there is absolutely no banking provision, it is still a step down from a full bank branch. Furthermore, Banking Hubs are not provided automatically. Decisions are made independently by LINK, which assesses communities against a range of criteria, including the proximity of existing banking facilities. As Broughty Ferry still has branches of TSB and the Yorkshire Building Society, at this stage an application for a Banking Hub in Broughty Ferry would not be successful. 

My message to all of us who value local banking is simple: use the remaining branches if you can, or we risk losing them too. Once these facilities disappear, experience shows that it is exceptionally difficult to persuade financial institutions to return.