One of Australia’s big four banks has announced it will close five of its branches across the country next year.
NAB confirmed that its branches in Teggeranong in ACT, Emerald in Greater Melbourne, Balmain in Sydney, Scone in NSW and Runaway Bay on the Gold Coast will all be closed on March 7.
NAB retail director Krissie Jones said the decision to close the stores was due to more Australians choosing to bank online rather than in person.
The bank informed the Financial Sector Union (FSU) of the news on Wednesday, which claimed the decision ‘does not take into account community concerns about bank closures’.
FSU national secretary Julia Angrisano said the decision was a “betrayal of the community and staff in these areas.”
NAB confirmed its five branches in NSW, ACT, Queensland and Victoria will all be closed on March 7 (stock image)
Ms Angrisano branded the announcement just before Christmas as a “disgrace” that will hit older Australians and businesses hardest.
“After achieving annual profits of $7.7 billion, NAB continues to use branch closures to reduce costs and increase profits,” she said in a statement.
“The bank could easily invest in these communities that rely on branches to meet their banking needs, rather than closing them.
“NAB must wake up to the real needs of customers, save the jobs of bank employees and keep these branches open.”
Ms Jones stressed that there will be no job losses in the closures, but NAB employees will instead be redeployed to other roles.
“While we understand that some people will be disappointed, this decision was made after carefully looking at the number of customers using these branches and the increased use of digital banking in the area,” she said in a statement.
“Just as people use online government services to complete their taxes or a Medicare claim, local residents in these areas are increasingly choosing to bank digitally because it is often more convenient.”
The National Secretary of the Financial Sector Union said the closures are ‘a betrayal of the community and workforce in these areas’ (Photo: NAB in Scone to be closed)
Those who need to close their branches and bank in person have been urged to use Australia Post’s banking services for free.
More to come