Shift to online banking spells end for branch

21:24, Aug 20 2012
tsb stand
This TSB branch in Frankleigh Park is to close.

The growing popularity of online banking will see TSB Bank close its Frankleigh Park branch on September 21.

No staff would be laid off because two were relocating to the Westown branch and a third was going travelling, TSB Bank chief executive Kevin Murphy said.

The closure reflected a global shift to "self-service banking".

Mr Murphy said there were no plans to close any other branches.

In the past three years there had been a reduction of face-to-face banking of about 19 per cent, he said.

'The swing to electronic banking has seen the volume of counter transactions dropping for some years now.

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'I'm sorry to say the situation at our Frankleigh Park branch has got to the point where the volume simply doesn't support keeping the doors open.'

Mr Murphy said the uptake of electronic and self-service banking was showing no sign of slowing.

The use of eftpos and mobile banking continued to climb, he said.

He understood how disappointing the closure would be for some Frankleigh Park branch customers.

'We've written to all our customers and we'll be doing everything possible to help them through the change process."

Leading up to the closure a support team would be at the branch to help customers with their banking choices.

A helpline phone service will also be provided and internet banking information packs will be available.

TSB Bank still has eight branches in New Plymouth including Bell Block, Mr Murphy said.

Taranaki Daily News