Sherfield NatWest to close in May

The Sherfield branch of NatWest is due to close in May after the bank decided not to renew its lease. The closure will leave only one bank on campus, Santander, and there are concerns that international students will be badly hit by the loss of the student expertise at the branch.

By Wednesday it became that efforts to persuade the bank to retain its branch had failed. The closure will force the College to change some of its financial procedures; the Commercial outlets on campus pay approximately £7 million in notes and coins into the branch annually.

Malcolm Aldridge, Financial Controller of Imperial College London, says that the main aim for the College it to determine how the closure of the branch will affect Imperial financially as well as to ensure that it won’t negatively affect Imperial by taking significant security precautions

He declined to comment on whether another bank would replace NatWest, saying that no dicussions had been had yet. However, with three months until the bank closes he is confident that the College’s financial operations will not be negatively affected.

But it does seem that International students may be affected the most by the loss of the on-campus branch. Sharon Bolton, Head of International Student Support at the International Office, is concerned that only one bank on campus isn’t sufficient to serve international students. Although there are a range of banks close to campus, these branches do not have the same student (and particularly international student) expertise and close relationship with the College. In the International Student Barometer survey, for students starting in 2010, sorting out bank accounts was the least satisfying experience for international students; a problem likely to be exacerbated if banking services on campus are reduced.

The closure also affects the Union, who hold two accounts with NatWest, one of which is for Clubs & Societies. They are looking into other precautions such as hiring a security firm to transfer cash from their commercial services – the bars and club – to other NatWest branches. Deputy President (Finances & Services), Ravi Pall is also considering the idea of letting Clubs and Societies pay into the Union “to avoid the unnecessary risk of students carrying large amounts of cash to South Kensington or Gloucester Road.”

Other banking services on campus were removed last week. Lloyds TSB took away the cash machine from the Union building, citing low profitability according to a Union spokesman. The Union say that they offered to pay for the cash machine service but were unable to persuade Lloyds to keep it. They are currently searching for other banks to replace the service, with Barclays expressing interest. Until a replacement is found, students will have to walk to the Sherfield building or get up to £20 cashback from the Union bars (providing they reach the £5 minimum card spend).

The International Office say that they are making extra efforts to work with branches near campus to ensure that they are sensitive to student banking issues. The impact of the loss of a NatWest branch that has such a close relationship with the College will inevitably be a big one, but with different options being considered by Imperial College and the Union, here’s hoping that the effects won’t be too serious for Imperial students.

NatWest declined to comment on the closure.