NAB Bank will close dozens of branches across Australia – as the bank claims more than 93 per cent of transactions are now handled online.
At least 36 branches in NSW, the ACT, Queensland, Victoria and Western Australia will close soon.
It comes after the banking giant recently reported an 8.8 percent increase in cash profits to $7.7 billion over the past twelve months.
The NAB branches that are closing are:
New South Wales: Balmain, Broadway, Gilgandra, Gosford, Gundagai, Kyogle, Lake Cargelligo, Lithgow, Oberon, Scone, Temora, Warren, Wellington, Woolgoolga
Queensland: Bribie Island, Browns Plains, Caneland Central, Cleveland, Inglewood, Mitchell, Pittsworth, Runaway Bay
Victoria: Clear, Emerald, Kilmore, Morwell, Mt Waverley, Ocean Grove, Strath Village, Tatura, Whittlesea
Western Australia: Corrigin, Innaloo, Maddington, Waroona.
NAB retail client director Richard Fox said Australians are increasingly choosing to bank digitally as it is often more convenient.
‘While we understand that some people will be disappointed, this decision was made after looking closely at the number of customers using these branches and the increased use of digital banking in the area.
Outrage among the community as the branch closes permanently as locals challenge the bank’s claim that patronage has declined
Residents of Bribie Island in Queensland’s Moreton Bay are pushing back against NAB’s claim that patronage has declined at its Bongaree branch as it prepares to close next Thursday.
NAB claims that in-person visits have fallen by 56 percent at the branch in the past year.
However, this claim was met with skepticism by locals as a photo surfaced on a community page this week showing a line of mainly elderly customers waiting for service at the branch.
“This is the NAB branch closing this week because it’s underutilized,” one woman ironically captioned the photo.
Another resident added: “Every time I went in there, over the years, there was always a long line.”
A third stated: ‘The last time I went in I waited in line for almost 30 minutes.’
‘The banks are pushing for a cashless society so they can reduce their workforce and increase their profit margins. It’s not rocket science,” claimed a fourth.
Customers who prefer personal banking should go to the local post office or visit the nearest branch in Morayfield, 16 miles away.
The NAB Bongaree branch on Bribie Island was busy with customers as the bank prepared to close the location this Thursday, citing declining patronage at the branch
Residents are furious that the Bongaree branch (photo) is closing its doors
A fact sheet about the branch closure on NAB’s website states that in 2022, 831 visits were recorded from ‘regular’ customers who visited at least three times, along with 126 business customers.
The number of cash withdrawals from branch personal banking has fallen from 5,307 in 2020 to 37.03 in 2022.
Similar declines were recorded for cash deposits, from 5,266 to 3,823 in the same period.
“More than 69 percent of customers also use other locations,” according to the fact sheet.
The fact sheet added that 88 percent of branch customers registered for online/telephone banking are active users and only 8 percent rely solely on branch banking.
At least 36 NAB branches in NSW, the ACT, Queensland, Victoria and Western Australia will close within months
The bank assured Daily Mail Australia that there would be no job cuts and that affected branch staff had all been reassigned to other roles elsewhere.
“We have made the difficult decision to close the NAB branch on Bribie Island as fewer customers use it for their banking,” Fox said.
“This decision was made after carefully considering the number of customers using the branch and the increased use of digital banking in the area.
‘Just as they use online government services to complete their tax or Medicare claims, Bribie Island locals are increasingly choosing to bank digitally because it is more convenient.
“Today, more than 93 percent of transactions in Australia take place online, and this is increasing.
“There will be no job losses as part of this change, and our branch team have all moved to different roles within the bank.”