Big four banks continue to close bank branches and ditch ATMs

Australia has lost over 160 bank branches and hundreds of ATMs as the Big Four banks cut costs, amid claims frontline staff have been hit with KPIs that could put them out of work. FIND OUT THE WORST AREAS IMPACTED

Exclusive: The big four banks have shut almost 160 branches and dumped 600 ATMs in the past year to cut costs.

Despite making billion-dollar profits, the nation’s largest lenders are continuing to ditch branches and ATMs in both metropolitan and regional areas.

New figures obtained exclusively by News Corp found Westpac Group — which includes St George, Bank of Melbourne and BankSA — was the worst offender.

In the 12 months until the end of September it disposed of 57 branches and ripped out 349 ATMs nationally, followed by ANZ which removed 52 branches and 58 ATMs.

The big four banks continue to shut branches and remove ATMs across the country.

The nation’s biggest bank, the Commonwealth Bank, removed 39 branches and 208 ATMs in the 12 months until June 30.

National Australia Bank removed nine branches in the past year, but bucked the trend and increased its ATM numbers by 22.

The closures come after a similar round of closures in the year prior.

In the 12 months to September 2018 — the big four banks closed almost 200 bank branches and ripped out 700 ATMs.

Some branches had their doors shut after more than 100 years in operation.

The Finance Sector Union of Australia’s national secretary, Julia Angrisano, said Australians were “seeing branch closures at a rapid and alarming rate”.

Ms Angrisano said while banks often claimed more people are doing their banking digitally, “what they are not telling people is frontline workers have had targets imposed on their work about reducing over-the-counter transactions”.

“These workers have participated in the destruction of their own jobs in effect,” she said.

“They do it knowing the more the transfer people to a digital-only platform the more likely their branch is going to close, but it’s actually a requirement of their jobs.”

She said some branch workers had been told they have targets to “reduce over-the-counter transactions by 20 per cent”.

Westpac’s chief operating officer Les Vance said closing branches was not a decision the bank took lightly.

“We take a number of factors into consideration, including usage, location, proximity to other services and fee-free ATMs, as well as community needs,” he said.

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Latest Australian Prudential and Regulation Authority statistics show in June 2018 there were 5609 bank branches nationally and 12,639 ATMs.

The Australian Banking Association’s chief executive officer, Anna Bligh, said the closures was the result of more people banking digitally.

“Over the last decade Australians have overwhelmingly changed the way they bank, from paying with cash to paying with a card, phone or even a watch, with the latest data showing a 35 per cent drop in ATM transactions and a 195 per cent jump in credit or debit card transactions,” she said.

“Despite the growth in customers who don’t use a branch or ATM, our banks continue to maintain a face-to-face presence, whether through a physical branch, franchising agreement or agency arrangement with Australia Post.”

BIG FOUR BRANCH CLOSURES

NSW 47

Qld 28

SA 19

Tas 3

Vic 39

WA 16

NT 5

TOTAL 157

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Originally published as Big four banks continue to close bank branches and ditch ATMs