HSBC, which announced last week it is to close in Wellington, says most of its customers do not need the Fore Street branch because so many bank online.

In a statement it said that 93% of contact with HSBC is now completed via the telephone, internet or smartphone and that 97% of cash withdrawals are made via an ATM.

“As a result most of our customers are already carrying out their daily banking needs without need of the branch itself,” it added.

HSBC said that thanks to a partnership with the Post Office customers would be able to pay in cash and cheques, withdraw money and check account balances at the Post Office in High Street after the bank closes on Friday, February 24.

But customer Anne Brown, of Wrangway, said HSBC was not thinking of the people who banked with it. “I’m appalled – the town’s expanding and the bank is shutting,” she said. “I try to do all my shopping in Wellington and I don’t want to go to Taunton. It’s bad for businesses and bad not just for old people but for young people too.”

Another customer, Hugh Muir, of South Street, Holcombe Rogus, said: “The bank will be sadly missed and shopkeepers will be badly affected because of cash payments. I don’t mind online banking but I don’t want to go to the Post Office.”

Andrew Brown, of Sampford Peverell, said he had been a customer of the bank going back to its days as the Midland Bank. “I’m very disappointed – HSBC has an excellent reputation worldwide,” he added. “If other banks stay, so should HSBC.”

HSBC said that in the past five years it had seen a 40% reduction in footfall at its regional branches and sometimes had to take the ‘difficult decision’ to shut them.

In Wellington it had written to all its customers informing them of the closure and was offering one-to-one sessions to explain their options or help them set up internet banking.

“We have advised our customers there is an alternative branch in Taunton should customers wish to visit a branch and talk to a member of the HSBC team face-to-face.

“We have put in place a number of measures to help customers, including a partnership with the Post Office, which is just a short walk from HSBC, so our customers can still carry out their day-to-day banking.”

On the future of the staff and the building HSBC said: “There are two members of staff working at the Wellington branch. Any employees directly impacted by the closure of the branch can be redeployed to other branches.

“We won’t know any more about the future of the premises for a couple of weeks as the landlord will be marketing the building in that time.”

In August HSBC reported a 29% fall in profits in the first half of the year. It posted a pre-tax profit of $9.7bn (£7.2bn) for the first six months, down by $3.9bn. By the end of the year HSBC will have closed 222 branches in the UK in 2016.