Raynsford called the move “shameful” and a “betrayal of the mutual’s co-operative history” urging Nationwide Building Society to rethink the move.
“This disgraceful decision harks back to the redlining practices of the 1970s, when banks deliberately denied their services to people from poorer backgrounds and low incomes,” said Raynsford.
Nationwide group distribution director, Matthew Wyles responded that in the current climate the mutual needed to think carefully about branch sustainability, adding this left 103 Nationwide branches across the Greater London area and 120 inside the M25.
Wyles said: “As part of an ongoing review of the Nationwide business and its distribution arrangements we have made the difficult but carefully considered decision to close a number of branches which are no longer economically sustainable.”
The branches set for closure in London, include Blackheath, Burnt Oak, Catford, Greenwich, Hendon, Kentish Town, Lewisham, Peckham, Walworth and Woolwich, with further closures in Chorleywood two of our five branches in Swindon.
“We have written to all our customers who currently use the affected branches to let them know the decision and to advise them of branches nearby and alternative services,” said the Nationwide.
