The last remaining bank in Paddock Wood, NatWest, has permanently closed its branch on Station Road, marking the end of all banking services in the growing city of Kent.
This closure follows the previous exits of HSBC and Barclays, which left local residents without their own bank.
Paddock Wood has experienced significant population growth over the past decade due to the construction of thousands of new homes. Despite this, NatWest has chosen to close its doors, with a spokesperson stating: “As we adapt our services to meet changing needs, we may make the difficult decision to close or consolidate some of our branches.”
Residents are now directed to the post office for basic banking services such as cash withdrawals, check deposits and balance information. However, for payments or transfers, customers will need to travel to the nearest NatWest branch in Tunbridge Wells.
NatWest encourages customers to take advantage of its extensive range of online services, including in-app internet banking, video banking for both personal and business needs, and telephone banking.
The decision was met with disappointment by the local community. In a leaflet, NatWest revealed that customer use of the branch had fallen by 67% between 2019 and 2023. Moreover, in 2022, 72% of customers who visited the branch also used online banking services.
A spokesperson for NatWest acknowledged the frustration, but emphasized the bank’s commitment to a sustainable network. “While we know this is disappointing, we have carefully considered how best to invest to ensure we have a sustainable network for the future. We are also investing significantly in renewing our network, committing almost £35 million to this purpose across the UK between 2023 and 2024, alongside continued investment in shared solutions such as the Post Office and banking centres.”