Westpac SLAMMED for closing branches across regional Australia
- Replies 11
Regional Australia communities can feel largely forgotten by the retail and bank giants, and even the government. Closing down bank branches in these areas can leave residents feeling even more isolated.
Unfortunately, this is exactly what Westpac has done - sparking outrage amongst community leaders and residents in Cloncurry, North West Queensland.
A few weeks ago, Westpac informed the Cloncurry Shire Council via email that its branch, which opened in 1905, would be closing on May 19.
This means that, in a town of nearly 4,000 people, there will only have one functioning bank branch: National Australia Bank - causing major headaches and complications for local businesses.
It's not just the financial implications that have locals worried. Many are also concerned about the ability to run events because cash is still necessary.
Janessa Bidgood, the president of the Cloncurry Merry Muster rodeo festival, expressed her distress about the lack of a bricks-and-mortar bank branch, noting that cash is necessary for running events, and suggesting that someone may need to travel the 300-kilometre round-trip to Mount Isa to do the banking and access the floats and cash.
Long-term local Sam Daniels believes the bank is not considering the large volume of money that flows through the Cloncurry branch daily.
'It's no small amount of money coming through Westpac in Cloncurry, they'd be dealing with clientele from the grazing properties that make up over 20 million acres of the country in the north-west here,' he said.
'And it's not just that, it's all the community groups that bank, there's all the sports clubs, the rodeos, the festivals, all the people that volunteer to run those events lean on Westpac to get floats and be able to bank some substantial amount of money through the week.'
'We're going to lose all that,' he went on to say.
Cloncurry Shire Mayor Greg Campbell labelled the closure 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.'
The Cloncurry Shire Council has started a petition to protest the closure, while Mr Campbell, has made a call to action to the government, asking them to ensure the protection of financial services in regional Queensland.
'Our town is thriving and yet instead of Westpac supporting us, they're turning their back on us and walking away,' he said in an interview.
'It's really disappointing and frustrating and it just doesn't make sense.'
The breakfast program Today covered the issue, and its host Karl Stefanovic publicly criticised the banks for their actions. In his comments, Stefanovic accused the banks of putting profits ahead of people and urged them to reconsider their decisions to close branches in small towns.
Stefanovic's comments were particularly pointed in reference to the banks reporting significant profits in recent years. Westpac reported profits of $5.69 billion in the most recent financial year.
Despite this, the bank has closed branches in several small towns and rural areas, leaving residents without access to essential banking services.
'These people deserve better,' said Stefanovic.
Credit: TODAY.
Why is Westpac closing its rural branches?
In response to the Cloncurry branch closure, a representative from Westpac released the following statement: 'Westpac has more than five million digitally active customers and we know their expectations are changing. Our customers are using branches less, for fewer reasons, and choosing to use digital banking more often.'
'Our service approach is responding to customer preference. That's why we're investing in digital services so our customers can bank with us anywhere, at any time.'
Aside from Cloncurry, the rural towns of Coober Pedy, Kapundah, and Tailem Bend in South Australia, as well as Carnamah in Western Australia, will be without a bank, while Hay in New South Wales will be left with only a Commonwealth Bank when its Westpac branch closes.
As we increasingly rely on digital banking, many Australians are feeling the impact of losing access to physical bank branches and ATMs in their communities. This has left some customers feeling 'devastated' as they struggle to adapt to the shift towards digital banking.
Reports reveal that over the past few years, Australia's biggest banks, including CBA, Westpac, ANZ, and NAB, have permanently closed nearly 460 branches, leaving some communities without access to essential banking services.
Additionally, approximately 3,800 ATMs have been removed, making it even more challenging for those who prefer to use cash or need to withdraw money quickly.
As the National Secretary of the Finance Sector Union, Julia Angrisano has voiced concerns over the closure of bank branches and ATMs, highlighting the essential services that they provide to local communities.
Angrisano is urging the government to consider the needs of these communities before allowing banks to shut down branches.
Although many Australians have embraced digital banking, some still rely on physical bank branches to manage their finances fact-to-face.
This means that the closure of bank branches can significantly impact a large number of people, particularly those with disabilities or limited digital banking experience.
As the world becomes increasingly digital, we must not forget the essential role that physical bank branches play in supporting local communities.
Dear members, we want to hear from you! Especially from those of you living in rural communities, what are your thoughts on the recent closure of several bank branches across the country? Have you been left frustrated and inconvenienced by the lack of physical banking services in your area?
We want to hear your opinions on this issue. So please, don't hesitate to share your thoughts and stories with us in the comments below. We can't wait to hear from you!
Unfortunately, this is exactly what Westpac has done - sparking outrage amongst community leaders and residents in Cloncurry, North West Queensland.
A few weeks ago, Westpac informed the Cloncurry Shire Council via email that its branch, which opened in 1905, would be closing on May 19.
This means that, in a town of nearly 4,000 people, there will only have one functioning bank branch: National Australia Bank - causing major headaches and complications for local businesses.
It's not just the financial implications that have locals worried. Many are also concerned about the ability to run events because cash is still necessary.
The banking giant, Westpac, has recently come under fire as they have announced they will be closing a branch in Cloncurry, a town of nearly 4,000 people. Credit: Shutterstock.
Janessa Bidgood, the president of the Cloncurry Merry Muster rodeo festival, expressed her distress about the lack of a bricks-and-mortar bank branch, noting that cash is necessary for running events, and suggesting that someone may need to travel the 300-kilometre round-trip to Mount Isa to do the banking and access the floats and cash.
Long-term local Sam Daniels believes the bank is not considering the large volume of money that flows through the Cloncurry branch daily.
'It's no small amount of money coming through Westpac in Cloncurry, they'd be dealing with clientele from the grazing properties that make up over 20 million acres of the country in the north-west here,' he said.
'And it's not just that, it's all the community groups that bank, there's all the sports clubs, the rodeos, the festivals, all the people that volunteer to run those events lean on Westpac to get floats and be able to bank some substantial amount of money through the week.'
'We're going to lose all that,' he went on to say.
Many people, especially those living in more rural areas, still prefer to physically go to their banks to make deposits, withdrawals, and other transactions. Credit: Pexels/Monstera.
Cloncurry Shire Mayor Greg Campbell labelled the closure 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.'
The Cloncurry Shire Council has started a petition to protest the closure, while Mr Campbell, has made a call to action to the government, asking them to ensure the protection of financial services in regional Queensland.
'Our town is thriving and yet instead of Westpac supporting us, they're turning their back on us and walking away,' he said in an interview.
'It's really disappointing and frustrating and it just doesn't make sense.'
The breakfast program Today covered the issue, and its host Karl Stefanovic publicly criticised the banks for their actions. In his comments, Stefanovic accused the banks of putting profits ahead of people and urged them to reconsider their decisions to close branches in small towns.
Stefanovic's comments were particularly pointed in reference to the banks reporting significant profits in recent years. Westpac reported profits of $5.69 billion in the most recent financial year.
Despite this, the bank has closed branches in several small towns and rural areas, leaving residents without access to essential banking services.
'These people deserve better,' said Stefanovic.
Credit: TODAY.
Why is Westpac closing its rural branches?
In response to the Cloncurry branch closure, a representative from Westpac released the following statement: 'Westpac has more than five million digitally active customers and we know their expectations are changing. Our customers are using branches less, for fewer reasons, and choosing to use digital banking more often.'
'Our service approach is responding to customer preference. That's why we're investing in digital services so our customers can bank with us anywhere, at any time.'
Aside from Cloncurry, the rural towns of Coober Pedy, Kapundah, and Tailem Bend in South Australia, as well as Carnamah in Western Australia, will be without a bank, while Hay in New South Wales will be left with only a Commonwealth Bank when its Westpac branch closes.
Reports reveal that over the past few years, Australia's biggest banks, including CBA, Westpac, ANZ, and NAB, have permanently closed nearly 460 branches, leaving some communities without access to essential banking services.
Additionally, approximately 3,800 ATMs have been removed, making it even more challenging for those who prefer to use cash or need to withdraw money quickly.
According to the banks, people are visiting branches less frequently and for fewer purposes, preferring instead to conduct their financial transactions entirely online. Credit: Facebook/Westpac.
As the National Secretary of the Finance Sector Union, Julia Angrisano has voiced concerns over the closure of bank branches and ATMs, highlighting the essential services that they provide to local communities.
Angrisano is urging the government to consider the needs of these communities before allowing banks to shut down branches.
Although many Australians have embraced digital banking, some still rely on physical bank branches to manage their finances fact-to-face.
This means that the closure of bank branches can significantly impact a large number of people, particularly those with disabilities or limited digital banking experience.
As the world becomes increasingly digital, we must not forget the essential role that physical bank branches play in supporting local communities.
Dear members, we want to hear from you! Especially from those of you living in rural communities, what are your thoughts on the recent closure of several bank branches across the country? Have you been left frustrated and inconvenienced by the lack of physical banking services in your area?
We want to hear your opinions on this issue. So please, don't hesitate to share your thoughts and stories with us in the comments below. We can't wait to hear from you!
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be it cash ,digital they are there to fulfil their shareholders demands for greed this why we don't want a cashless society where they control you its your choice not theirs think of the school fetes, the local sausage sizzle etc are you going to pay digitally Australia get real here not happy Jan 
