After more than 550 locations were shuttered since 2020, dozens of bank branches will be shut down during the ensuing months.
Over the course of the nation, at least 37 branches will shut, costing over 200 jobs.
The largest branch closures are being made by Westpac, which will be closing 24 locations under its Westpac, St. George, Bank SA, and Bank of Melbourne brands.
In the meanwhile, the Commonwealth Bank will close five branches and the NAB will close eight locations across three states.
Five million people now use internet banking, according to Westpac executives, sealing the demise of many of its locations.
Prime Minister Anthony Albanese is being urged to intervene in order to protect Australians’ access to banking services, particularly in rural areas where the cull has occurred.
Julia Angrisano, national secretary of the Finance Sector Union, said, “We must take action to stop the banks walking away from communities in our suburbs and cities.”
Communities rely on banks to provide financial services, but if the current trend continues, there won’t be any more bank branches.
Last month, Westpac announced the closure of 24 more branches, resulting in the loss of 76 jobs.
‘Shutting down branches means Westpac will continue to put profits before people,’ added Ms Angrisano.
‘The bank quite plainly doesn’t care about forcing inconvenience on customers and throwing affected staff onto unemployment queues.
‘This race to shut branches has to stop and it’s time the Federal Government imposed a minimum service standard on the banks to make sure customers are protected.’
Around the nation, at least 37 branches will close, costing nearly 200 jobs.
With five million people now banking digitally, Westpac executives stated that customers’ decision to internet banking had effectively ended the existence of many of its locations.
A bank representative told Daily Mail Australia, “Declining consumer use of branches means that in some cases, we may take a painful decision to exit a branch site.”
We take precautions to guarantee that clients are informed in advance about the changes and are immediately linked with the services they need to continue doing banking business.
‘For those who are new to digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.
‘As we continue to adapt to our changing customer needs, this will result in new opportunities for our employees within the Westpac Group as we grow our phone, digital and virtual offerings.
‘We have a robust process in place to assist employees to find new opportunities within Westpac Group, meaning the majority of employees affected secure a new role and continue their career in the group.’