Virgin Money has announced plans to close 12 branches in Scotland as the way customers bank has changed.
The company said 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 that this has been further accelerated by the coronavirus pandemic.
A further 18 stores will be closing across the UK, with branches shutting in early 2022.
Virgin Money said it intends to find alternative roles for staff wherever possible but that some will be at risk of redundancy.
READ MORE: 'Axe will fall hardest on Scotland': Virgin Money decision to close branches panned
It is expected that the changes will result in a reduction of around 112 full-time equivalent roles across the group around the UK.
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.”
The branches due to close in Scotland are in Airdrie, Banchory, Broughty Ferry, Cumbernauld, East Kilbride, Galashiels, Milngavie, Musselburgh, Oban, Portree, Stenhousemuir and Wick.
Virgin Money said that each store was assessed on an individual basis, with careful consideration of the impact on the local area, the needs of vulnerable customers and the accessibility of alternative services such as free-to-use ATMs and the Post Office.
All of the closing stores are located less than a third of a mile away from the nearest Post Office.
Customers can use Post Offices for day‐to-day banking, including cash deposits and withdrawals, cheque deposits and balance inquiries, as well as coin exchange.
Following the changes, Virgin Money will have a network of 131 branches across the UK.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel