As 292 Lloyds Banking Group branches have been confirmed for closure throughout 2025, TotallyMoney CEO Alastair Douglas has shared a warning for elderly and vulnerable Britons
Following the announcement that 292 Lloyds Banking Group branches will shut their doors throughout 2025, Alastair Douglas, money expert and CEO of TotallyMoney, has issued a stark warning, particularly for elderly and vulnerable Britons. Amid the ongoing cost of living crisis, he emphasised that people have become more dependent on their banks than ever before, whether in-person or online, to manage their finances effectively.
Douglas noted that this is partly due to an increase in people switching to online platforms to handle their finances, but also because “going digital will also benefit the banks’ bottom lines”, he claimed. However, the Financial Ombudsman Service found that complaints about banking and payment reached a ten-year high last year.
This, combined with the newly announced branch closures for 2025 and increasingly sophisticated fraud schemes, could spell disaster for elderly or vulnerable Brits. Alistair explained: “They’ll be less likely to have the understanding and ability to access online services and apps, effectively locking them out of the banking system.”
“As we quickly advance towards an increasingly digital world, we must make sure that nobody is left behind.” He emphasised the importance of finding a bank that meets your financial needs in the current economic scenario and provides satisfactory service.
He cautioned: “Loyalty doesn’t pay, and with the Current Account Switch Service Guarantee, your payments and balance will be moved over automatically and your old account will be closed for you. So, you won’t need to worry.”
This invaluable service offers UK citizens a hassle-free way to transfer their current account, including overdrafts, to a new bank upon arrangement. The service boasts participation from over 50 banks and building societies and ensures a smooth transition by transferring balances and recurring payments while closing prior accounts automatically.