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Bendigo Bank Announces Closure of Regional Branches
Bendigo Bank has announced that it will shutter 10 branches across Victoria, Queensland, and Tasmania starting next month, marking a significant reduction in its regional presence. This decision has been met with strong criticism, described as a "slap in the face" to affected communities, who will now find themselves without local banking facilities.
Reasons for the Closures
The bank cites "evolving customer preferences," reduced business activity, and rising operational costs as the primary reasons behind this tough decision. With the increasing trend towards digital banking, many banks, including Bendigo, are consolidating their branch networks. Since 2017, around 36% of bank branches in regional Australia have closed, diminishing access to face-to-face banking services for numerous communities.
Community Impact and Response
The closures will particularly affect towns such as Bannockburn, Korumburra, and Yarram in Victoria, alongside Malanda in Queensland and Queenstown in Tasmania, leaving them without any banking facilities. Richard Fennell, CEO of Bendigo Bank, noted that branch closures are considered a last resort, emphasising the need to balance physical presence with the investment into evolving customer requirements.
Julia Angrisano, the national secretary of the Finance Sector Union (FSU), expressed serious concern regarding these cuts, labelling them "incredibly disturbing" and detrimental to Bendigo Bank’s reputation as a community-focused financial institution. She argued that for a bank that promotes its regional roots, these closures reflect a worrying trend reminiscent of larger, less community-driven banks.
Specific Branch Closures
The closure schedule includes the following branches:
- Victoria: Ballarat Central, Bannockburn, Malop Street (Geelong), Korumburra, South Melbourne, and Yarram.
- Queensland: Malanda and Tully North.
- Tasmania: Kings Meadows and Queenstown.
The ramifications of these branch closures will affect the equivalent of 32 full-time jobs. Customers relying on the now-closing Queenstown branch, for instance, will have to travel over two and a half hours to reach the nearest operational branch in Burnie.
Local Leadership and Advocacy
West Coast Mayor Shane Pitt has pledged to contest the closure and condemns the bank for its lack of community consultation. Angrisano has reached out to local politicians and the federal government to discuss the implications of these decisions and urged community members impacted by the closures to share their experiences.
Ongoing Banking Options
Despite the closure of physical branches, Bendigo Bank customers will still have various options to manage their banking needs. Transactions can continue at any Bendigo Bank location, via ATMs, through online banking, mobile apps, or by engaging with Bank@Post services at Australia Post outlets.
As the banking landscape shifts towards digitalisation, affected communities are left grappling with the implications of these closures, signalling a potential decline in personal financial services in regional areas. With ongoing commitments required from major banks regarding their roles in supporting local economies, the future of Bendigo Bank’s presence in these regions remains uncertain.
