Five bank branches lost to Geelong region during pandemic

Another of the big banks has closed one of its Geelong locations, continuing a trend of disappearing branches in the region during Covid. These are the banks that have gone — and where you can find the ones that are left.

RISING 80, Barry Stokes couldn’t hold back his frustration that the Highton bank he visits weekly has closed with its ATMs to be gone from Monday.

“It’s disgraceful that they should close, blaming Covid,” Mr Stokes said. “I am very disappointed and I will go elsewhere.”

The mix of anger and inevitability for customers at Highton’s Commonwealth Bank has played out across the region in the past year, with the NAB the only bank to retain its pre-Covid footprint.

Meanwhile, the ANZ has closed two branches, and the Westpac, Bendigo Bank and now the Commonwealth have each closed one.

As in many other areas, the pandemic has accelerated the rate of change in banking towards more mobile and digital solutions.

But the Commonwealth Bank says the start of the demise of its Highton branch started five years ago.

The Commonwealth’s regional general manager, David Castle, said the bank decided in June to permanently close the branch which has been “temporarily” closed since May last year.

“This branch has had a significant drop in transactions over the five years before the coronavirus pandemic,” Mr Castle said.

The bank is referring customers who prefer over-the-counter service to its Waurn Ponds and Belmont branches or to the Highton village’s Australia Post outlet which can handle withdrawals, deposits and bill payments through Bank@Post.

But there is a feeling among elderly customers like Mr Stokes that it’s all about being pushed online.

“I am touching 80, and I don’t do online, I just don’t do it,” he said.

Another customer, who only wanted to be identified by his first name, David, declared he was a “dinosaur” in wanting to use cash, and while equipped to do online banking, he was not comfortable with cyber security breaches.

“You hear about glitches and hacking … those things seem to be happening quite regularly,” David said. “I still like the back-up of the cash.”

All banks are reviewing how and where they offer physical branches and traditional over-the counter operations are giving way to new approaches.

In some cases this is resulting in investment in branches.

The NAB’s executive retail regional for Victoria and Tasmania, Mil Kairouz, said the NAB had maintained its branch network in Geelong and the Bellarine Peninsula throughout the pandemic.

“Earlier this week we confirmed, as part of our $160 million investment in our branch network, that the Malop St branch in Geelong will be undergoing a refurbishment this year,” Mr Kairouz said.

“This is in addition to the Torquay branch that has already been refurbished, reopening in December, 2020.”

Barry Stokes is upset that the Commonwealth Bank is permanently closing the Highton branch.

The ANZ, which closed its Corio branch last year and Torquay branch in April, says it is also set to upgrade its Waurn Ponds and Ocean Grove branches, having upgraded the Geelong and Geelong West branches in recent years.

Westpac closed its Belmont branch in May, referring customers to its Waurn Ponds branch or to Australia Post’s Belmont outlet.

The Bendigo Bank has also flagged that it will continue to review its physical presence, with a “horses for courses” approach.

It closed its Queenscliff branch last year while just last month it unveiled a modern new-look community branch at Torquay. The Queenscliff closure leaves the town without a bank branch, with customers forced to travel to Ocean Grove if they need to visit a branch.

Back at Highton, regular Commonwealth customer and business owner Sarah Bullock was preparing to move her personal, business accounts and mortgage because of the loss of convenience caused by the branch closure, particularly the ATMs.

“It will mean that I will change banks,” Ms Bullock said, nodding towards the Bendigo Bank branch just a few metres away.

“I have friends who go with these guys and I will just go there.”

Originally published as Five bank branches lost to Geelong region during pandemic