Clydesdale Bank have announced the closure of their South Street branch in St Andrews, said to take place later this summer.
According to Clydesdale, the branch closure is due to the fall of transactions in branches, with more customers opting to bank through mobile, online and telephone channels.
To adapt to these changing needs, the bank will be investing substantially in their online and digital services.
The bank has said that all customers of the branch are being contacted and advised of the closure and informed that their new branch will be located in Dundee.
In an email to local MP Stephen Gethins, a Clydesdale representative wrote that “branches remain an important part of our service to customers too, and we continue to invest in our branch network where there is demand, ensuring we provide as high quality an experience as possible to our customers through all of our channels.
“We fully understand the concerns some of our customers have regarding branch closures and the inconvenience this will cause them in some cases, and recognise the need to provide our customers with a wide range of options through which they can continue to bank with us.”
After the recent closure of the town’s Santander branch, the news is disappointing to many members of the public.
Mr Gethins said, “North East Fife has been hit hard by the closure of several bank branches and post offices across the area in recent years.”
In a letter of response to Clydesdale, Mr Gethins said that he would like to seek assurances over the employment of the St Andrews’ branch employees and whether the bank plan to carry out any redundancies or move staff to the nearest branch in Dundee.
Mr Gethins also expressed his concern about the impact that the branch closure will have on smaller local businesses and independent retailers who are reliant on access to cash.
Mr Gethins said, “St Andrews is a thriving town with a large student population as well as many visitors who are dependent on access to cash.
“There are also many elderly people and those without their own transport who may be disadvantaged by having to travel to Dundee to carry out personal banking.”
Clydesdale has assured that they are focused on ensuring that the transition of accounts from St Andrews to Dundee is “as smooth as possible for our customers,” and that staff are keen to assist those with particular needs or concerns.