Big Four banks’ controversial move leaves thousands of Aussies feeling abandoned

The digital revolution is sweeping across all sectors, and banking is no exception.

However, a trend in the rapid transition towards a digital banking society has left many Australians feeling deserted and vulnerable.

Big Four banks Commonwealth Bank (including its subsidiary Bankwest) and National Australia Bank (NAB) have been accused of abandoning their customers following continued branch closures across the country.



In early February, NAB announced plans to close 13 branches for 2024, while Bankwest will shut down two more.

Branch closures have also occurred with the remaining Big Four banks.

Twenty-three Westpac branches across Australia closed in 2023.

Meanwhile, Australia and New Zealand Banking Group (ANZ) has been cited as ‘far from the worst offender’ in closures compared to the others. Still, it has closed 403 branches over the past decade. Of this figure, 17 were closed in 2023.

These closures are the latest in a series of branch shutdowns that have seen more than 2,100 branches across all major banking institutions close their doors over the past six years.


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Thousands of bank branches have closed over the past six years. Image source: pressfoto on Freepik.


Millions of Australians, particularly seniors, people living with disabilities, and those in regional and remote areas, rely heavily on these branches for their financial needs.

For these groups, physical branches are not just a convenience but a necessity.



Julia Angrisano, the National Secretary of the Finance Sector Union, has voiced concern over the closures, stating that they signal a 'desertion' of an essential service and have a 'devastating impact' on communities.

'The banks have been using branch closures to prop up their massive profits for years, and it's time they were forced to maintain customer service to local communities in regional and metropolitan areas,' she said.

The closures are not just affecting those in regional areas.

Thousands of city dwellers are also being forced to adapt to a shrinking number of branch locations.



For instance, the closure of the Commonwealth Bank branch in Rundle Mall, Adelaide's busiest shopping precinct, will affect the many customers and businesses that rely on its services.

'There are 800,000 people passing through Rundle Mall every week, and many will be CBA customers; however, the bank has decided to shut the branch with the loss of 13 jobs,' Ms Angrisano added.

'This is the busiest shopping precinct in Adelaide, but CBA customers and businesses are being told to find a branch elsewhere in the city if they need to visit a bank branch.'

'Coogee is in the middle of Sydney's heavily populated eastern suburbs, with many older customers, but that branch is going as well.'



Commonwealth Bank, BankWest, NAB, and other financial institutions have redirected customers towards the 3,500 Australia Post outlets, where they can use the Bank@Post service to deposit and withdraw cash and make balance inquiries.

'The banks claim that customers can move to [do] banking at the post office, but there is only a limited service available at post offices, so that is not a realistic option and not all banks have a contract with Australia Post,' Ms Angrisano added.

The services a branch offers extend beyond just cash transactions—they include identity checks, loan applications, and a range of other important face-to-face service interactions that are vital to effectively serve customers.

'All these interactions have one thing in common,' she said.

'They must be performed by a suitably qualified bank worker. They can't be done in a post office.'

The number of branches in major cities and metropolitan areas has reportedly decreased by 39 per cent in the last six years, according to Adam Trevorrow from the Australian Prudential Regulation Authority.

This trend is likely to continue as banks increasingly move their operations online.
Key Takeaways

  • Australia's largest banks, such as Commonwealth Bank (and subsidiary Bankwest) and National Australia Bank, are accused of deserting Australians by closing more branches.
  • Branch closures have also affected other large banks, with Westpac closing 23 branches and ANZ closing 17 branches in 2023.
  • Numerous branch closures (over 2,100 branches closed) have occurred over the past six years, which have many customers, especially seniors and those with disabilities.
  • Finance Sector Union National Secretary Julia Angrisano criticised the banks for the closures, stating they have a 'devastating impact' on communities and argued that banks prioritised profits over maintaining customer service.
  • Although banks are directing customers to Australia Post outlets for basic transactions, she argued that post offices cannot replace the full range of services offered by bank branches, which require qualified bank workers.
What are your thoughts on this issue? Have you been affected by the closure of your local bank branch? Share your thoughts and experiences in the comments below.

Editor's Note: This story labelled BankWest as a Big Four bank. It has since been corrected to include Westpac. We regret the oversight.
 
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Why anyone banks with the Big 4 is beyond me. I left them years ago.
I use a credit union and the BOQ. They are so much better.
Why we have to have purchases rounded up or down for that matter when you are paying by card is a total scam and I don't know why they are getting away with it.
And the other practice of taking the money from your account the minute you pay a bill but not giving it to the payee immediately is another rort.
As for a cashless society, again this is a big advantage to the banks who get revenue from the Eftpos machines.
We can change things if we don't use the culprits.
Unfortunately the major shareholders rule the Banks.
They do not care what we do
 
who cares about bank f n west change to another bank but the big banks gobble up the smaller banks Bendigo ES AND A Credit Union Australia now Great Southern Bank going or gone digiral no cash and that is what they are ALL planning NO CASH and the government ALBOS and the Other mob NO CASH means total control OWN NOTHING BE HAPPY.Katters and One Nation and some indepents want to legislate CASH as LEGAL TENDER as in the constitution so wake up sheeples it is coming just waiting for us old farts to depart the planet.Like the Farmers and Truckies we should be marching in the street or hassleing our GREAT LEADERS BS that they are.ATM machines use CASH and thats in limbo RIGHT NOW
 
who cares about bank f n west change to another bank but the big banks gobble up the smaller banks Bendigo ES AND A Credit Union Australia now Great Southern Bank going or gone digiral no cash and that is what they are ALL planning NO CASH and the government ALBOS and the Other mob NO CASH means total control OWN NOTHING BE HAPPY.Katters and One Nation and some indepents want to legislate CASH as LEGAL TENDER as in the constitution so wake up sheeples it is coming just waiting for us old farts to depart the planet.Like the Farmers and Truckies we should be marching in the street or hassleing our GREAT LEADERS BS that they are.ATM machines use CASH and thats in limbo RIGHT NOW

Unfortunately you are right.
The Banks via its share holders are already controlled
 
I do our banking online. My husband with short term memory loss cannot work a computer other than his ipad to play games. If I fall off the perch first he is up the creek without a paddle if we are forced into digital. Mentally challenged and disabled who understand cash and use it capably will be left behind as well. The government needs to step in and make laws that these banks have to cater for these people.
 
I do our banking online. My husband with short term memory loss cannot work a computer other than his ipad to play games. If I fall off the perch first he is up the creek without a paddle if we are forced into digital. Mentally challenged and disabled who understand cash and use it capably will be left behind as well. The government needs to step in and make laws that these banks have to cater for these people.
The Banks are controlled by the shareholders. The world wide agenda is to remove cash.

If those that control politicians get their way we will have no alternative.
 
Must be at a different bank to me
Bank Managers are kind and considerate.

Do what you ask of them.

Shareholders have done extremely well from their investments

My comment was to do with an incorrect statement

Bank West is not one of the Big 4


Back in the 1980s or now

The post is unprofessional
My comment is a stand alone one and not a reply to your comment.

My comment is based on experience gained over 22 years of employment with one of the big banks.

Please refrain from using judgement terms like 'unprofessional'.
 
My comment is that Bank West is not in the Big 4.
Nothing is wrong with that.
In the 1980 the Big 4 were announced by Keating. They were called the 4 Pillars. That is still the case.
They are WBC NAB CBA and ANZ.

Not Bank West That is 100% inaccurate
If you read the article Editor's note apolagised for the oversight
 
So if branches are closed down and they make it a cashless society, does that mean they will shut down the royal mint in canberra? All those people out of work because cash will not be needed?
 
My comment is a stand alone one and not a reply to your comment.

My comment is based on experience gained over 22 years of employment with one of the big banks.

Please refrain from using judgement terms like 'unprofessional'.
Wow you are attacking me?
The original article was unprofessional some would say inaccurate as it stated Bank West was one of the Big 4.
If you were in the Banking industry for 22 years with one of the Big 4 you would know the 4 Bank Pillars as announced by Keating did not include Bank West and you would know the article was unprofessional.
The Journo did not do their homework.
Rules were broken and research was inaccurate.
You would also know I am correct in being disappointed in the unprofessional written article.
They broke the rulebook as some would say.
No professional journalist who had done their homework would make that mistake.
So please refrain from attacking me that is extremely offensive.
At our age we need peace and harmony.

I do not need to feel your anger

Pray for peace.


Not war


Even with all the bad things happening in Australia we are still a lucky country against what is happening around the world
Pray to God for Peace.
Not War.
 
I heard on ABC774 that banks are re-opening in the USA. Hopefully that’s correct and we’ll do the same in time. We all need to use our cards but we all need to also use cash. It’s up to us!!! We don’t want to be a cashless country. We’re going to be controlled completely if we continue to follow this path. Every single thing we purchase will be known to ‘whoever’ ……….not just the banks.
 
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I heard on ABC774 that banks are re-opening in the USA. Hopefully that’s correct and we’ll do the same in time. We all need to use our cards but we all need to also use cash. It’s up to us!!! We don’t want to be a cashless country. We’re going to be controlled completely if we continue to follow this path. Every single thing we purchase will be known to ‘whoever’ ……….not just the banks.
I hope that the Banks are reopened.
But as long as the current shareholders are in place probably not.
You are right every credit card transaction is recorded and amalgamated so i have been told. I use my cards but always keep cash in case the internet is down.
Want to buy something for cash at a charity etc.
 
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ANZ totally abandoned Lithgow, and now NAB is closing its doors as well.
I don't see why the big banks can't get into bed with each other and have 1 building that holds a counter (with a teller's) plus an extra room in case of needing privacy or sit & talk. There could even be a roster for people who need to speak to a Finacial Planer on certain days or times. And they could get away with just having 1 or 2 multibank ATM for the building.
This should lower their so-called overheads cost of each branch but allowing full access to for their clients when they need. It used to take me maybe 15mins to do any of my banking, now takes me about 50 mins (over 1hr 30 mins) just in travel time each way + how every long I have to wait in line to talk to the teller in either Bathurst or Katoomba. On top of that, my running costs to my vehicle has increased as I now have to travel about 130km just to deposit cash into my account. And who is going to reimburse me this cost in fuel and extra wear & tear on my tires & car. Thats not cheap.
Australia Politicians & Bank/Financial heads should be ashamed of themselves for causing more hardship to ALL AUSTRALIAN CITZINS.
 
You only have to look at the top 20 shareholders of the Big 4 plus the major trading companies and you will see a trend.
They are pulling the strings. Not the CEOs
 

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