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1 hour ago, Neil Down said:

They're closing branches not the whole bank...

They've already closed the "Isle of Man Bank". It was unincorporated as a registered company and is now only a trading name. If you ask me, there's no longer any justification for them being called "Isle of Man Bank" or for the year 1865 to appear in any of their signage or marketing literature.

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1 minute ago, pongo said:

How do you think banks make money?

One direct way they make money is by using our money to invest (e.g. loans, mortgages, etc) which they then make a profit from.

Another, more indirect way, is to take your money and put it in investment funds which are managed by professional investors. Any return on investment is then taken by the bank and the customer. 

To do either of these, they need to have money to spend in the first place. Take that out away from them and they become insolvent.

But then there's the whole printing of fiat money, national debt, central banking system, and the way the entire money system is a scam.

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Can you imaging the outcry if they had announced closure of Port Erin branch. The local Commissioners would've been very upset at the prospect of losing a business supporting facility there. 

 

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You can pay money(cash/cheques) into your Barclays account at the Post Office.

Why can't Post Office's do this for IOM Bank where branches are closing?

Win-win in my book.

 IOM Bank customers retain local service, Local Post Offices have more reason to stay open and gain extra revenue, costs reduced for IOM Bank.

 

 

 

 

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Just now, b4mbi said:

You can pay money(cash/cheques) into your Barclays account at the Post Office.

Why can't Post Office's do this for IOM Bank where branches are closing?

Win-win in my book.

 IOM Bank customers retain local service, Local Post Offices have more reason to stay open and gain extra revenue, costs reduced for IOM Bank.

 

 

 

 

That’s upto IOM Bank so you need to ask them.

LLoyds customers also using post office.

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1 hour ago, Southfork said:

40 jobs? Great to see that Covid is having no impact like everyone claims on here! 

What has Covid got to do with the bank restructuring. Get your mum to read the article to you again...

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16 minutes ago, Whatnonsence said:

Donald Gelling previous Chief Minister has been on Manx Radio about the  Bank closure and the lack of political representation in the South in respect of the closures.

Here Here 

The issue is that the vast majority of personal customers cost the banks money as their are no account charges like the rest of the world have.

small businesses are also not very profitable and the overall cost of branches are high.

the Covid issue has caused more people to stop visiting banks worldwide so good excuse to close more branches and cut costs

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