Almost 200 Big Four bank branches shut down nationally in last year
EXCLUSIVE: The Big Four banks have shut nearly 200 bank branches in the past 12 months. Find out which ones have closed near you.
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EXCLUSIVE: Almost 200 bank branches have been shut and 700 ATMs ripped out in the last year as the Big Four put “profits before people”.
A News Corp investigation has obtained exclusive figures from each of the nation’s largest banks including the Commonwealth Bank, National Australia Bank, ANZ and Westpac — and found 196 branches have closed since September last year.
In addition to this the Big Four banks have removed 734 ATMs across the country.
This has left some remote and regional towns with nowhere to do their banking, forcing them to make long roadtrips to nearby towns to complete transactions.
NAB has led the way with branch closures and ATM removals, shutting 71 branches and removing 339 ATMs.
This is followed by followed ANZ with 51 branch closures, Westpac with 40 and CBA with 34.
Some bank branches which have been running as long as 150 years — including Victoria’s Daylesford branch which opened in 1859 as the Union Bank of Australia — have shut their doors.
The Financial Sector Union’s national assistant secretary, Nathan Rees, said the closures was the result of banks “putting profits before people”.
“Customers and businesses in the town are impacted … some have to travel hundreds of kilometres up the road,” he said.
“Banking is an essential service.”
Mr Rees said staff losses from closures also had a significant impact — small to medium branch closures could result in up to 10 job losses.
In many regional locations left without a bank branch, Australia Post outlets have had to pick up the pieces and act as a banking substitute.
Australia Post provides transactions services at more than 3500 locations nationally including 1500 communities with no bank branches at all.
In 2017, they processed more than 375 million banking transactions worth $130 billion.
It’s understood the Big Four banks are currently in negotiations with Australia Post to fork out extra funds to cover the cost of loss-making services provided by in post offices.
Australia Post chief executive officer Christine Holgate has previously said they don’t get paid enough to cover the costs of the services, leaving a deficit of about $100 million.
The Australian Banking Association’s boss Anna Bligh said “branch closures are not taken lightly by any bank.”
“With any branch closure banks maintain face-to-face services through an existing outlet, a franchising arrangement with the community or agency arrangement with Australia Post,” she said.
“As part of their agreement with Australia Post banks pay a fee for every banking transaction that occurs within a post office.”
ABA said there are 5814 bank branches in operation nationally.
ATMs have also been drastically reduced in the past year.
NAB has removed 339 ATMs, Westpac (including BankSA, Bank of Melbourne and St George) 270 and ANZ 115 and CBA 10.