Today Glastonbury MP James Heappey welcomed the news that Glastonbury residents are being asked to share their views on whether they would welcome the opening of a Nationwide Building Society branch on their high street.
Any decision on opening a new branch will depend on the level of support Nationwide receives for the proposal, which will also include a willingness among local residents to open a Nationwide account, thereby making the decision economically sustainable.
James said:
“I am excited that Nationwide has seen the opportunity to come to Glastonbury after we were deserted by the other banks.”
“Nationwide will need to see a return on their investment so I encourage all those who campaigned against the branch closures to move their accounts to Nationwide. The last thing we want is to prove Lloyds, Natwest and HSBC right. We have the chance to get a bank branch and to prove that it is needed here. Let’s make sure we take that opportunity.”
Graeme Hughes, Nationwide’s distribution director, said: “Nationwide is committed to supporting local communities and the needs of its 14 million-plus members. When it comes to life’s big decisions we often want to speak to someone face-to-face, which is why we are today calling on the Glastonbury community to share their thoughts on whether they would like Nationwide to open a branch in their town.
“In order to make such a decision we not only need to know whether the community wants a branch, we also need to know that residents will use it. This is why, as part of this consultation, we are asking the community to pledge their support and confirm, in principle, whether they are prepared to open a Nationwide account in return for the Society’s investment. This will ensure the branch will have a long-term future.”
Paul Manning, Chairman of Glastonbury Chamber of Commerce, said: "Glastonbury Chamber of Commerce is delighted to learn that the Nationwide Building Society are to consider possibly opening a branch in the town. Glastonbury is a thriving tourist town, and when the three remaining Banks independently announced last year that they would all be closing within a few weeks of each other, we knew that this would create an opportunity for a more community minded banking organisation as the previous Banks would never reverse their closure decision for fear of setting a precedent.
“A mutual Building Society, by definition, has a closer relationship to its customers, and I am certain that this will be appreciated by the people of Glastonbury. They will also be aware that unless a Building Society in the town is supported, it will not remain in the town".
As a guide, Nationwide would need to see the community open at least one main current account every day of the year as well as other products including mortgages and savings accounts. It is this level of sustained support from the community that will make such an investment economically viable in the long-term.
Members of the community are invited to share their views online at www.nationwide.co.uk/glastonbury. The consultation will close on 21 October, when Nationwide will then review the feedback it has received and make a decision on whether to open a branch or not.