Online and mobile banking surge blamed for Torquay ANZ branch’s looming closure

A ‘big four’ bank will permanently close its Torquay branch within weeks due to an increase in demand for online banking.

A ‘big four’ bank branch will permanently close its Torquay branch within weeks due to an increase in demand for online and mobile banking.

ANZ announced in an email to customers on Friday that it would be shutting its Gilbert Street branch from April 7.

“Every day more of our customers are choosing the convenience of doing their banking when and where it suits them,” the email read.

“Through our digital channels and contact centres, you can now manage most of your banking from the comfort of your home, office or while you’re on the move.

“To support our customers’ changing preferences, we’re making some changes to our branch network.”

ANZ general manager for Victoria Cameron Home said its customers were “not using branches like they used to”, with a 10 per cent reduction in branch transactions each year.

ANZ is leaving Torquay. (AAP Image/Joel Carrett)

“Some customers prefer the convenience of doing their banking when it suits them and increasingly they are choosing to use our ANZ app and call centres,” he said.

“We remain committed to our customers in the Torquay area. We will have a specialist team available to work with individual customers to tailor banking solutions for them and to make this transition as simple as possible.”

Mr Home said “every effort” was being made to redeploy staff across a range of other roles, where they wish to remain with ANZ.

ANZ Torquay customers will now be required to travel to nearby branches including in Waurn Ponds, Ocean Grove or Geelong to complete in-person banking.

The move forms part of the closures of 19 ANZ branches across New South Wales, Victoria and Queensland.

The Financial Sector Union said more than 100 bank staff are expected to be impacted by the closures.

Other Victorian branches set to close include Reservoir, Collingwood, Hampton, Port Melbourne and Sandy Bay.

Despite many businesses being forced to close due to COVID-19, banks have remained open as they are considered an essential service to the community.

Residents took to Facebook to state they will switch banks as a result, while also expressing their concern for the closures potential impact on the elderly who are unable to reach other branches.

Others downplayed the closure stating Torquay was already “fortunate” to have other banks including Westpac, Commonwealth and NAB.

ANZ said it would retain an ATM in Torquay, which can process withdrawals and accept deposits.

The ANZ closure follows Bendigo Bank’s decision to permanently close its Queenscliff branch last year due to COVID-19, which left the coastal town without a bank.

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Originally published as Online and mobile banking surge blamed for Torquay ANZ branch’s looming closure