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More branch closures announced in Logan

NAB announced its latest round of closures in SEQ as a parliamentary committee grilled top bankers. FULL LIST OF BRANCH CLOSURES

NAB announced the closure of its Browns Plains branch, pictured, to customers days before the bank’s CEO Ross McEwan was due to front a parliamentary economics standing committee Wednesday.
NAB announced the closure of its Browns Plains branch, pictured, to customers days before the bank’s CEO Ross McEwan was due to front a parliamentary economics standing committee Wednesday.

The fallout of the major banks closing regional branches continues across the southeast with the latest round of announcements including banks in Logan.

Residents of Browns Plains, who are NAB customers were informed this week that the branch at Browns Plains Rd would close in September.

The news follows the shock announcement last month of the closure of the Cleveland NAB in September and came days before this week’s federal parliamentary Economics standing committee grilling of the big four bank chief executives.

ANZ chief Shayne Elliott was under scrutiny on Wednesday morning with NAB boss Ross McEwan in the afternoon session.

CBA chief Matt Comyn and Westpac boss Peter King were due in the hot seat on Thursday, July 13.

The committee is examining how the major banks are balancing the interests of a diverse set of stakeholders, including borrowers, depositors, shareholders and the wider community.

The hearings will be the last appearance of the big four bank chiefs before next month’s Senate Inquiry into the banking sector resumes next month.

In February, CBA announced it was going to halt further branch closures for three years.

The full list of branch closures this year. Data source: Finance Sector Union of Australia
The full list of branch closures this year. Data source: Finance Sector Union of Australia

Browns Plains resident Justin Russell said he was appalled when he got the notice about the local branch closure in the mail this week.

“They could not even get the location right,” he said.

“It’s Plains Junction (the letter stated Westpoint Shopping Centre).”

Other residents took to Facebook complaining about the “cashless society”, where all payments will be on cards, allowing “banks to know where you shop, what you buy, and how you use your money”.

Another unhappy customer, Jane Stackelroth, said the branch was always popular and busy.

“I have waited for an hour in line to be served at this branch,” she said.

“I did work for NAB for 18 years and we were at that time customer focused.

“That seems to be missing now.

“My mother, who has a credit card and passbook was very upset by the NAB letter today.

“She does not want to change the way she banks and would love to have her local branch stay open.

“It’s not like it doesn’t have any customers, it has a lack of staff many days.”

After the Browns Plains branch closes, the nearest NAB branch will be 12km away at Sunnybank Plaza, where there are smart ATMs, teller services, cash exchanges, and an express business deposit service.

ANZ chief executive Shayne Elliott answered questions in a parliamentary standing committee on banking on Wednesday morning. Picture: House of Representatives
ANZ chief executive Shayne Elliott answered questions in a parliamentary standing committee on banking on Wednesday morning. Picture: House of Representatives

The NAB letter to customers also said they would be able to use the nearby Browns Plains Post Office, which is 700m from the branch, to withdraw cash, deposit cash and cheques, and check account balances using a PIN-enabled card linked to the NAB transaction account.

Those with a NAB passbook, will be able to withdraw cash at the post office.

A NAB spokesman said the closure was due to fewer customers going into the branch and a newly refurbished branch at Sunnybank.

“Over the past few years, fewer customers are coming into branches to do their banking and foot traffic has lessened and approximately 63 per cent of our customers in Browns Plains have only visited the branch once in the last year,” the spokesman said.

“More than 73 per cent of customers are also using other locations including our newly refurbished branch in Sunnybank Plaza.”

The spokesman said in the past year, there had only been 1627 customers who had made more than three visits to the branch and only 161 customers who had visited the branch more than 12 times in the year.

Financial Services Union national president Wendy Streets said the chief executives of the big four banks were questioned about why they were closing bank branches faster than at any time in history.

“Meanwhile, thousands of customers in regional and rural Australia have no branch level service and have to rely on a working internet service to access their banking,” Mr Streets said.

“Mr Elliot admitted that 8 per cent of his customers still use branches and this is a very significant number of Australians.

“The union calls on the ANZ, Westpac, and the NAB to join the CBA in postponing any further branch closures.”

Originally published as More branch closures announced in Logan

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