Commonwealth Bank, NAB and Bankwest accused of ‘deserting’ Aussies after Big Four make controversial move
The rapid transition to a digital banking society is accelerating, with a series of branch closures in major cities marking a major shift in the priorities of Australia’s largest banks.
Commonwealth Bank announced last week it would close three more branches by March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney’s east.
The week before, NAB announced it would close 13 branches this year, and CBA-owned Bankwest will close two more branches.
These closures will add to the more than 2,100 branches closed across all major banking institutions over the past six years.
Millions of Australians rely on these branches to take care of their finances, and for some groups, including the elderly and people with disabilities, they are the only way to bank.
Financial Sector Union national secretary Julia Angrisano said the closures marked a “desertion” of an important service and had a “devastating impact” on communities, especially those living in regional and remote areas.
The rapid transition to a digital banking society is accelerating, with a series of branch closures in major cities marking a major shift in the priorities of Australia’s largest banks
Millions of Australians rely on these branches to take care of their finances, and for some groups, including the elderly and people with disabilities, they are the only way to bank (stock image)
“The banks have been using branch closures to prop up their huge profits for years and it is time they are forced to maintain customer service to local communities in regional and metropolitan areas,” she said.
However, the impact on people living in cities should not be diminished, as thousands of people are forced to use an ever-decreasing number of business locations.
‘800,000 people pass through Rundle Mall every week and many will be CBA customers; However, the bank has decided to close the branch, resulting in the loss of thirteen jobs,” Angrisano said.
“This is the busiest shopping area in Adelaide, but CBA customers and businesses are being told to look for a branch elsewhere in the city if they want to visit a bank branch.
“Coogee is in the middle of Sydney’s densely populated eastern suburbs, with a lot of older customers, but that branch is also up and running.”
Three of the four major banks – and another 80 other financial institutions – have referred customers to one of 3,500 Australia Post branches where they can use the Bank@Post service to deposit and withdraw cash and balance balances. to request information.
The old Commonwealth Bank building on the main street of Bellingen, NSW. Three more CBA branches will close in March
CBA Rundle Mall is closing as the Big Four bank slowly moves its operations online
“The banks claim customers can switch to post office banking, but there is only a limited service available at post offices so that is not a realistic option and not all banks contract with Australia Post,” Ms Angrisano said. .
The services a branch provides to its local community go far beyond just cash transactions, with identity checks, loan applications and a range of other important face-to-face service interactions essential to serving customers effectively.
“All of these interactions have one thing in common,” Ms. Angrisano said. ‘They must be carried out by a suitably qualified bank employee. That’s not possible in a post office.’
The number of branches in major cities and metropolitan areas has declined by 39 percent over the past six years. Adam Trevorrow of the Australian Prudential Regulation Authority told a Federal Senate inquiry in December 2023.