Bendigo Bank axes nine Victorian agencies amid national cuts
Bendigo Bank has announced a new round of regional cutbacks — this time targeted at rural agencies. Here’s the details.
Nine transaction agencies operated by Bendigo Bank across regional Victoria will be closed later this year as part of a nationwide cutback.
Bendigo bank agencies — which provide limited banking services via third parties — will be closed in Welshpool, St Arnaud, Wedderburn, Wycheproof, Clunes, Alexandra, Boort, Myrtleford and Marysville in October.
Bank management confirmed 28 agencies nationwide will close under the directive, with outlets in NSW, Western Australia, Queensland and South Australia also on the list.
Northern Grampians Shire mayor Karen Hyslop said the St Arnaud agency closure in her municipality would hit the regional community hard.
“Losing that physical banking presence in St Arnaud will have a big impact, particularly with elderly residents who don’t use online banking,” she said.
“It will also have a flow-on effect to retail in the town, community groups. It’s very disappointing.”
Loddon Shire councillor David Weaver said the Boort community would now only be able to access banking through Australia Post.
“While it’s good to have that Australia Post service, for security reasons, they can only operate with limited services,” he said.
“There’s been plenty of news coverage about online scammers — at least when you go into a physical bank, you don’t have to deal with scamming. All the banks, not just Bendigo, are making it harder for country customers.”
Bendigo Bank consumer chief customer officer Taso Corolis said the agency model had been “retired” due in part to changing customer preferences.
“Bendigo Bank operates more branches per customer than any other Australian bank and Australia’s second largest regional branch network,” he said.
“To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers.”
Outside Victoria, the 12 NSW agencies set to close in October are Lake Cargelligo, Jerilderie, Grenfell, Crookwell, Cowra, Condobolin, Buronga, Mathoura, Blackheath, Darlington Point, Holbrook and Berrigan.
Agency closures also announced by Bendigo Bank include Port MacDonnell, Kingston, Cleve, Tumby Bay and Wudinna in South Australia while Western Australia will lose a sole agency in Cunderdin and one in Queensland at Taroom.
It comes less than a month after Bendigo Bank confirmed it was closing five regional Victorian branches — at Ballarat central, Bannockburn, Geelong central, Korumburra and Yarram.
A senate inquiry into the closure of regional banks was established in February 2023.
Since that time, the senate committee acknowledged that 104 regional branches had closed with fifteen towns ‘left completely without banking services.’
Bendigo is not a signatory to the two-year regional bank branch moratorium confirmed by Federal Treasurer Jim Chalmers in February.