A BANK in Bournemouth is set to finally close more than a year after an initial announcement was made over its fate.

It was reported last year that the Lloyds Bank in Southbourne Grove would be closing between April and October 2020 but this did not materialise.

A spokesperson for the bank has now confirmed the official closure date of Tuesday, March 2.

Changes in the way customers handle their financial matters has led to the branch being used less often, Lloyds Bank said.

The bank said 79 per cent of their personal customers at the West Southbourne branch already use other branches and other ways to bank such as online and telephone booking.

A Lloyds Bank spokesperson said: “We have made the difficult decision to close West Southbourne Bournemouth on March 2 due to the changing ways customers choose to bank with us, which means the branch is being used less often.

"We are sorry for any inconvenience this may cause; customers can continue to bank locally by visiting the nearby Post Office, which is less than half a mile from the branch. The nearest alternative branch is Christchurch.”

The closest Lloyds Bank for residents is now in Castle Street, Christchurch, with customers' accounts realigned to this branch.

The bank said this change will not affect the way their accounts are managed.

Residents have been advised that some services can be accessed from the nearby post office at 14 Southbourne Grove.

This includes cash withdrawals, balance checks, as well as paying cheques and money into their account.

A spokeswoman for the National Federation of SubPostmasters said: "This will doubtless be disappointing to Lloyds customers in Southbourne. However, alternative banking provision is available to local residents at post office branches nearby."

Alongside the post office in Southbourne Grove, others are located nearby through the Boscombe East site in Christchurch Road and the Boscombe Precinct facility in the Royal Arcade.

The spokeswoman added: "Each of these branches offers banking services - including deposits of up to £2,000 cash per transaction, free cash withdrawals and balance checks, as well as offering face-to-face access to government services, bill payment, foreign currency, travel insurance and, of course, postal services. There are currently 2,000 free-to-use ATMs installed across the UK post office network also.

"Post offices are proving vital to retaining people’s and business’s access to cash as the banks continue to desert the high street in order to cut costs and increase their profits.

"Every post office plays a vital role within the heart of the local community. Post offices provide a reliable and essential service which has continued at a high standard across the whole of the UK throughout the pandemic."