Big Four banks to keep their regional branches open until at least mid-2027 under new agreement
1 month, 1 week ago

Big Four banks to keep their regional branches open until at least mid-2027 under new agreement

ABC  

The Big Four banks have agreed to keep their regional branches open until at least 2027, under a new deal struck with the federal government. About 36 per cent of bank branches in regional Australia have closed since 2017, according to the government, leaving many communities without a physical location to withdraw cash or open an account. Commonwealth Bank, NAB and Westpac have also reached new in-principle agreements with Australia Post's banking service, Bank@Post, while ANZ has agreed to terms on which it will sign up. Australia Post chief executive Paul Graham said the improved arrangements would ensure about 3,400 post offices could continue to provide "essential banking services in the many communities where there are no other banking services available".

Australia Banking Service Regional Nab Commonwealth Bank Branches Regional Australia Regional Branches Bank Post  agreed  open  banking  branches  mid2027  australia  services  regional  big  banks  bank  post  service  westpac  agreement

History of this topic

Bank customers could end up footing the bill to keep regional branches alive, analysts warn
3 months, 2 weeks ago

Bank customers could end up footing the bill to keep regional branches alive, analysts warn

ABC  

Bank customers could end up footing the bill to keep regional branches alive, amid secret negotiations between banks and the government. Treasurer Jim Chalmers confirmed negotiations were underway, saying "it shouldn't surprise people" that the government regularly speaks with banks to find solutions, but that no conclusion had been reached. No guarantee customers will pay While there's no guarantee banks …

Bank closures in regional Australia final report calls for guaranteed cash access, establishing a public bank
9 months, 3 weeks ago

Bank closures in regional Australia final report calls for guaranteed cash access, establishing a public bank

ABC  

In short: A federal inquiry has delivered its final report after investigating the impact of bank closures in regional Australia. A Senate committee's final report looking at the impact of bank closures in regional communities says Australians will continue to "pay the price" if regulations are not changed to limit branch closures. "The objective of the RCBBP would be to …

Banks called on to explain mass branch closures
1 year ago

Banks called on to explain mass branch closures

ABC  

RHIANNON SHINE, REPORTER: It's a busy day at this bank in the inner Perth suburb of Wembley. RHIANNON SHINE: The bank's going all digital but longtime customers like Mavis aren’t ready to ditch cash. RHIANNON SHINE: Bankwest, a WA-based subsidiary of the Commonwealth Bank, made the announcement last week citing changing customer preferences and claiming fewer than 2 per cent …

Commonwealth Bank close thousands of ATMs
1 year, 1 month ago

Commonwealth Bank close thousands of ATMs

Daily Mail  

The Commonwealth Bank has closed 354 branches during the past five years and has plans to close down more three branches next month in populated areas of three major cities. The Commonwealth Bank has closed 354 branches during the past five years and has plans to close down more branches next month in populated areas of three major cities Customer …

NAB Bank closes dozens of branches across Australia
1 year, 1 month ago

NAB Bank closes dozens of branches across Australia

Daily Mail  

NAB Bank has closed dozens of branches across Australia - as the bank claims more than 93 per cent of transactions are now completed online. The impacted NAB branches 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 …

NAB, ANZ, Commonwealth Bank, Westpac: Disturbing number of Aussie bank branches that have closed in past six years – as sad stories emerge about workers struggling with cashless society
1 year, 3 months ago

NAB, ANZ, Commonwealth Bank, Westpac: Disturbing number of Aussie bank branches that have closed in past six years – as sad stories emerge about workers struggling with cashless society

Daily Mail  

Almost 800 rural banks have closed since June 2017 Major banks are 'bullies' who are abandoning rural communities and leaving vulnerable customers at risk of financial scams, a Senate inquiry has been told. Nearly 800 bank branches have closed in rural locations across the country since June 2017 which could be leaving communities at risk of financial scams Australia Post …

Australia on track to become cashless as Commonwealth Bank, Westpac, ANZ and NAB close branches
1 year, 5 months ago

Australia on track to become cashless as Commonwealth Bank, Westpac, ANZ and NAB close branches

Daily Mail  

New data shows Australia will be cashless Australia could soon become a cashless society with a staggering number of bank branches closing in just a year - as hundreds of ATMs are also removed. Australia could soon become a cashless society with a staggering number of bank branches closing in just a year - as hundreds of ATMs were also …

Hundreds more regional bank branches 'at risk' of closing as banks attempt to balance in-person and digital demand
1 year, 5 months ago

Hundreds more regional bank branches 'at risk' of closing as banks attempt to balance in-person and digital demand

ABC  

More than 450 bank branches in regional areas are "at risk" of closing due to their smaller population size, despite having fewer accessible locations for physical banking services, new analysis suggests. Key points: Analysis by AreaSearch has identified up to 454 regional banks are at risk of closure due to the small population they service Both banks and researchers say …

Regional bank closures 'disastrous' for small towns, federal inquiry hears
1 year, 6 months ago

Regional bank closures 'disastrous' for small towns, federal inquiry hears

ABC  

Regional bank closures are "ripping the heart out of country towns", according to the chair of a federal inquiry. Key points: Senator Matt Canavan says the inquiry will examine solutions to the issue The inquiry heard that elderly people in particular are concerned about doing their banking online A social worker says those with no choice but to travel to …

How the Commonwealth Bank, Westpac, ANZ and NAB bosses justify closing hundreds of branches across regional Australia
1 year, 6 months ago

How the Commonwealth Bank, Westpac, ANZ and NAB bosses justify closing hundreds of branches across regional Australia

ABC  

For the past six months, a Senate inquiry has travelled across the country to find out why more than 1,600 bank branches have shut across regional and rural Australia in the last six years. On Wednesday, the inquiry heard directly from those in charge of the closures — the bosses of Australia's "Big Four" banks: Commonwealth Bank, Westpac, NAB and …

Westpac reverses decision to close eight regional branches as senate inquiry continues
1 year, 10 months ago

Westpac reverses decision to close eight regional branches as senate inquiry continues

ABC  

Westpac has scrapped plans to shut a number of branches across regional Australia, months after it put the closures on hold pending the outcome of a senate inquiry into banking services. Key points: Eight regional Westpac branches that were set to close will remain open indefinitely Nationals MP Anne Webster has urged other banks operating in regional areas to follow …

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem
2 years ago

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem

ABC  

Newsagent Ray Burgess is a good customer for a bank, he just cannot find one. Key points: Over the past five years, 30 per cent of Australia's bank branches have shut Banks claim more transactions are happening online, fewer in branches A Senate inquiry into the impact of regional bank branch closures is holding a hearing in Gippsland To run …

Regional bank closures have SA locals buying safes, scared for safety as MP calls for banks to do 'right thing'
2 years, 1 month ago

Regional bank closures have SA locals buying safes, scared for safety as MP calls for banks to do 'right thing'

ABC  

Locals in Coober Pedy are buying safes and are scared of being robbed while driving long distances to make major deposits, after the closure of the town's only bank. Key points: Coober Pedy's Westpac branch closed last week, forcing locals to travel 500km to deposit sums over $7,000 The closure of Kingston's BankSA branch is suspended while a Senate inquiry …

Australian banks close hundreds of branches and ATMs as services move online
2 years, 5 months ago

Australian banks close hundreds of branches and ATMs as services move online

ABC  

More than 1,600 bank branches closed nationally in the past six years, new data shows, with 309 branches axed in the last financial year alone. Key points: More than 300 bank branches closed nationally in the last financial year Banks also closed 963 ATMs last year as services moved online Australia has seen a 30 per cent drop in branch …

Big banks close Central West NSW branches, blaming pandemic and shift to internet banking
3 years, 10 months ago

Big banks close Central West NSW branches, blaming pandemic and shift to internet banking

ABC  

Major Australian banks are shutting branches in small regional towns at a growing rate, forcing people to travel to larger centres for in-person banking. Key points: Five bank branches in Central West NSW will close in 2021 CBA, NAB and ANZ say consumers are using online services at a growing rate, doing less physical banking Regional communities are warning poor …

Are Australia's big four banks equipped for recession?
4 years, 10 months ago

Are Australia's big four banks equipped for recession?

ABC  

Peter King assumed control of Westpac just four weeks ago. This morning, Mr King will deliver Westpac's first half result, at a time when Australia again is tipping into recession, with unemployment soaring amidst the economy's deepest and sharpest contraction in a century. Like his contemporaries at ANZ and National Australia Bank last week, Mr King will announce that he's …

Banking royal commission report may crack the big four banks' financial dominance
6 years, 1 month ago

Banking royal commission report may crack the big four banks' financial dominance

ABC  

To give it its formal title, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has shone a spotlight on the sector, notably the big four banks that dominate it. The big four also completely dominate Australia's financial landscape, with combined assets totalling more than $3.6 trillion — more than twice the value of Australia's annual …

South Australian customers hit out as banks branches and ATMs continue to close
6 years, 2 months ago

South Australian customers hit out as banks branches and ATMs continue to close

ABC  

Bank customers say they are feeling the pinch of branches and ATMs closing throughout regional and suburban towns. Key points: More bank branches are closing in South Australia It follows a national trend of bank and ATM closures throughout Australia ANZ customers will not be able to use Australia Post banking services Next week, ANZ will close branches in Kurralta …

Discover Related