The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
  
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
  
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
  
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

 

[Zemo]

So? It's called *service* ...

 

[janj]

Bank SA Munno Para closed down, Elizabeth Shopping centre is now used,

 

[Dija]

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

Westpac has closed so I have to drive into the CBD at my age of 78. How about older people than me it’s a shame. From Lavington to Albury . I feel like changing my Bank !

 

[Leenie]

No mention how the banks scrapped cheque books , forcing you to pay them for a cheque if.needed .

 

[junerobo]

Commonwealth bank will not take cash to pay a business account with notice from supplier, they want you to have an account with them or no service. this has happen 3 times now. no more would rather pay the transfer fee from our bank.

 

[Andrew]

In Melbourne CommBank has made their note change machine available to business card users only. If you want to change large notes to smaller ones you have to que up for a teller.

 

[tonyb.]

Please research Digital Identity everyone. We are supposedly Data : financial / medical / consumer /educational / proffesional + personal Data. Bank branch closures + cashless society dreams are stops on the road to instant Data access by Governments world wide. Just say No ?....don't use a Smart phone. Talk to other adults about more solutions + keep reading these pages : Information can set you free. Seasons Greetings to All.

 

[Rob44]

Bankers are bastards, as has been known throughout history. Now they are cheapskate bastards. Welcome to the miracles of the modern digital age.

 

[Heather Watson]

I

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

 

[Heather Watson]

I

Living in Gladstone Queensland the Westpac bank has been closed at the main shopping centre that most people pensioners and low income people could get to buy bus. Being disabled I had to call on carer to get me in to the city centre to go to bank, it is on a steep hill that is no joy on a wheelie Walker. This I do not call service and not all people can do ph banking or get on line, we need to cater for the people that put these banks were they are today. Cash is still legal tender.

 

[Heather Watson]

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

 

[Squizzy1]

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

I don't believe it's bullying, they are just ignoring society's needs, because they no longer need to pander to anything other than their own desires. Since the Banking RC, they have gone out of their way to punish society imo, They are no longer imo a public service industry, just a self serving industry.

 

[Leenie]

Please research Digital Identity everyone. We are supposedly Data : financial / medical / consumer /educational / proffesional + personal Data. Bank branch closures + cashless society dreams are stops on the road to instant Data access by Governments world wide. Just say No ?....don't use a Smart phone. Talk to other adults about more solutions + keep reading these pages : Information can set you free. Seasons Greetings to All.

Too many people have their heads in the sand ,and don’t want to know what is happening around them,and when you try to tell them you are called a conspiracy theorist.

 

[Ronloby]

Might have to go back to the old days. To get "CASH" one had to ROB a bank. Might stir things up a bit I think.

 

[midgemills]

ANZ closed in Forster NSW.

 

[Sloopy]

It is quite simple, just like supermarket self-serve. Make it gradually harder and more time-consuming to be "served", then claim that people "prefer" the mechanised option on the basis of the volume of transactions. Use that to "justify" shutting services down altogether.

 

[Sheenagh]

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

Even worse than that, the ANZ will not get into bed with Australia Post because it costs the ANZ bank too much. OMG, they dont pay staff, leases, utilities, staff entitlements and so much more but wont join with other banks to use Australia Post outlets. How much money are they saving? How much was their gross profit last financial year. Australia Post have lots of outlets and more importantly out in rural areas. The ANZ are scabs, they only want to give young first home owners a mortgage because thats where they can make money without human interaction. Then you have the Bendigo Bank (you know the Community Bank) who charge their customers $4 per withdrawal when they use Australia Post. This IS NOT Australia Post charging people, this is their own bank. How dare these money hungry pigs demand that the elderly must use an ATM out on the street? Who will be responsible when an elderly person gets attacked - lets see how quickly they line up at the basin to wash their hands - no accountability. Now lets talk about going cashless, please bare with me I cant type because I am crying laughing and cant see the keys. Yesterday 4/12/23 the Westpac went down. The data security and protection in this country is still in the kindergarten stage. The scammers are so far ahead of anything we have here it is not funny at all. The shock jocks of the media are just as stupid as these banks - we are all going cashless- absolute crap, I am 66 and it will not happen in my life time.

 

[Liz]

Just got a petition through Change.org regarding the Westpac outage, to sign a petition to the government to stop the push to get rid of cash. I signed. I hope many more people will.

 

[Agave]

The Australian banking landscape has been undergoing a shift in recent years, with a disturbing number of bank branches closing their doors, particularly in rural and regional areas.

This trend has left many Australians grappling with the challenges of a rapidly evolving cashless society and has raised concerns about the potential for increased financial scams.

According to the Australian Prudential Regulation Authority (APRA), nearly 800 bank branches have closed in regional and rural Australia since June 2017.

This trend is not just a statistic; it's a reality that is impacting the lives of everyday Australians, particularly those in rural communities who rely on these branches for their financial needs.

In a previous story, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.

View attachment 36508

Several banks have been closing their doors to regional Australia. Credit: Unsplash

It has been reported in a Senate inquiry that the banks’ absence in rural communities can leave vulnerable customers at risk of financial scams.

When a bank branch closes, customers are often directed to their local post office for limited cash services through Bank@Post. However, this is not a perfect solution.

Australia Post stated that there were around 1150 rural communities with post offices but no banks.

The LPO group, representing post office licensees, advocated establishing a government-backed postal bank using Australia Post's wide regional network.

Meanwhile, Co-Chair Scott Etherington shared that three of four major banks paid Australia Post for transactions, but post offices needed to handle all banking inquiries with no charge.

‘How much longer should our members continue subsidising the banks?' Etherington told the inquiry in Canberra on Friday.

‘These bankers are not clever businessmen. They're bullies.’

The closure of bank branches is not just a financial issue; it's a human one.

Banks justified these closures by pointing to the rapid uptake of digital banking and the decline in cash transactions.

Etherington stated that elderly rural customers, in particular, relied on face-to-face banking at post offices, often out of fear of being caught up in scams or losing money through digital transactions.

'They can't afford for $5 or $10 or $1000, heaven forbid, to go astray because they hit the wrong button on their phone or hit the wrong thing on their web browser,’ he added.

When Westpac’s Cloncurry branch informed the Council that it would be closing on May 19, nearly 4,000 people sparked outrage, saying that the closure was an ‘act of complete disrespect’, saying: ‘Our greatest fear is that this decision will give other vital services the precedent to withdraw more services from Cloncurry and regional Queensland.’ Read more about the story here.

Despite the trend towards digital banking, cash remains an important part of the Australian economy.

Australia Post Chief Executive Paul Graham has stated that while Bank@Post was likely to decline as customers move online, cash was still important for regional communities and would not likely disappear soon.

The national postal service paid $90,000 last year to provide cash into remote towns like Coober Pedy in South Australia and Kalgoorlie in Western Australia, where the last banks have shut down.

‘The closures they have made, they have done so because they don't see a future in having branch outlets; that's their view,' Graham said.

'We obviously do see a future in it.’

Reserve Bank’s Note Issue Department Deputy Head Merylin Coombs noted that a record $100 billion in cash was circulated after the height of the COVID-19 pandemic.

‘People, at times of uncertainty, they do want cash as protecting against uncertainty,’ she said.

APRA data revealed the number of banks in regional and rural areas was reduced to 34 per cent in the past six years, whereas 39 per cent in cities.

Regarding ATMs provided by banks, their number dropped by 50 per cent in the country and 62 per cent in metropolitan areas.

The Senate inquiry into the impact of bank closures is due to hand down its final report next May.

Key Takeaways

• Nearly 800 bank branches have closed in rural and regional Australia since June 2017, according to the Australian Prudential Regulation Authority.
• A Senate inquiry is exploring the impact of these closures, with concerns raised about the vulnerability of elderly and less tech-savvy customers to financial scams.
• The LPO group, representing post office licensees, advocated for creating a government-backed postal bank using Australia Post's regional network.
• The APRA data showed a reduction in the number of banks by 34 per cent in rural areas and 39 per cent in cities over the past six years. The number of ATMs has also dropped significantly.

Have you been affected by this trend? Which banks have already closed in your area? Let us know in the comments below.

Greedy, greedy big 4! Keep cash for everyone not just seniors! Where do bank employees go when their branch closes?