THE final bank in Llandeilo will be closed later this year.

Barclays Bank has confirmed that it will close the town's branch on June 23, with more than 50 branches set to close throughout the UK.

Local MP Jonathan Edwards has blasted the move, saying the banking sector is letting down rural communities – with Barclays customers having to travel to Carmarthen or Llanelli if they need to use in-person services once the branch closes.

The closure means an end to in-person banking services in the area. Barclays has said that just 12 people regularly use the branch as their only way of banking, stating that 86 per cent of users are also using the app.

Mr Edwards, who is MP for Carmarthen East & Dinefwr, said: “Barclays is the last bank in Llandeilo and its closure will have a massive effect on the rural community.

"Every town should have at least one functioning bank and I am deeply disappointed by this announcement.

“I have consistently argued for a different financial model to replace commercial banking. We need an alternative system based on community banks and strong credit unions rooted in their communities to challenge traditional banks.

“It is time that the UK and Welsh Governments think of innovative solutions to maintain banking services in rural communities. The idea of ‘banking hubs’ has been long talked about but with no meaningful action to date.

“The traditional commercial banking model has failed our communities and vulnerable residents continue to suffer through lack of innovative thinking from government.”

Barclays has stated that the closure of its branches are coming due to a change in usership and a lack of in-person visits to the bank, with many going online or banking via telephone.

Last month Barclays announced it will be closing 55 bank branches in 2023 and thousands of customers would lose their local branch.

This year's closures come after a record number of closures in 2022, when Barclays closed 132 branches

A Barclays spokesperson said: “We continue to review and adjust our branch footprint to ensure it reflects the way that our customers are increasingly choosing to do their banking."

Many fear high street bank branches could soon be a thing of the past - since 2015 almost 5,000 high street banks have shut down or are set to close.

Some 257 bank branches will shut their doors for the final time this year according to data from LINK, the UK's largest cash machine network.