Updated: One of Australia’s Big Four banks has either closed, or is about to shutter, hundreds of branches almost all over the country, citing changing customer preferences for the decision.
National Australia Bank (NAB) is about to close branches across Victoria, NSW, Queensland, WA and the ACT. It says a drop in in-person banking is the catalyst for the move.
“With more customers choosing to bank online, over the phone or by video, and because fewer customers are using branches to do their banking, we’ve made the difficult decision to close some of our branches,” NAB says on its website.
“We want to make sure that changes to our branch locations are as smooth as possible for you. You can find information below in our fact sheets, including some of the main reasons why we made the decision to close, as well as other ways you can continue to bank with us.”
Which branches have closed or will be closing?
In Victoria, branches at Bright, Emerald, Kilmore, Morwell, Mount Waverley, Ocean Grove, Strath Village, Tatura and Whittlesea have either closed or are scheduled to close.
Affected branches in NSW include Balmain, Broadway, Gilgandra, Gosford, Gundagai, Kyogle, Lake Cargelligo, Lithgow, Oberon, Scone, Temora, Warren, Wellington and Woolgoolga. While in the ACT, the Tuggeranong branch will shut.
In Queensland, the Bribie Island, Browns Plains, Caneland Central, Cleveland, Inglewood, Mitchell, Pittsworth and Runaway Bay branches will close and, in WA, the Corrigin, Innaloo, Maddington and Waroona branches will be affected.
The cost-saving move comes after the bank posted an 8.8 per cent increase in earnings for 2023.
NAB offers disaster relief
While NAB appears to be taking away with one hand, it is giving with the other. The bank has introduced Disaster Relief Grants of $1000 for eligible NAB customers in Queensland impacted by Tropical Cyclone Kirrily.
The grants are intended to help cover emergency expenses for NAB customers who have suffered significant damage to their home, farm or business in the Townsville and Burdekin Shire areas.
Chris Francis, NAB retail executive for Queensland, says a range of support measures – from grants to loan payment deferrals and other relief measures – were in place to help affected residents.
“To the Townsville and Burdekin Shire families, communities and businesses who have suffered significant damage to their homes, farms and premises: we are here to help,” Mr Francis said.
“This will be a testing time for our communities and we’re standing by them, providing immediate assistance and making $1000 grants available to help those most affected.
“NAB customers impacted in Townsville City Council and the Burdekin Shire, are encouraged to contact us as soon as possible.”
Do you bank with NAB? Will your banking be affected by the branch closures? Let us know in the comments section below.
Also read: Banks blasted over interest rates for savers
While I seriously feel sorry for country towns that are losing their bank branches that they have been using and trusting for probably decades, these banks DO NOT care about you.
SO – open accounts with ING, who HAVE NO BRICKS AND MORTAR BRANCHES, but offer you amazing services. BUT how do I deposit cash, how do I bank cheques, how do I get cash out for change in my business?
SIMPLE – go to your local Post Office – who are usually locals themselves, and do all your banking through them. ING refund you every charge that the “other banks charge you.” ATM fees – ING REFUND YOU! Overseas transaction fees – ING REFUND YOU!
Post Offices are ING bank buildings!! ING offer you great interest on savings accounts! EVERYONE of the call centre people are Aussies, and you can even “round-up” transactions – putting your money back into your Maximiser accounts. I LOVE ING!!
In Victoria support the Bendigo Community Bank branches. Shove the big 4 where the sun don’t shine!!
I consider this statement to be extremely misleading: – “With more customers choosing to bank online, over the phone or by video, and because fewer customers are using branches to do their banking, we’ve made the difficult decision to close some of our branches,” NAB says on its website.
Banks are encouraging, but in many cases forcing people to do banking online by closing branches. This is so very wrong, especially in remote country areas, where there is no longer “the bank manager” as the person who supposedly has their interests at heart.
I went to my local suburban branch last week to query some bank charges on my travel card as well as order new travel cards. I was told the wait time to be served was one and a half hours and that I could order new cards online. I advised that I don’t want to do this online as I want to visit the branch to help ensure that the number of customers who visit will will help keep the branch open and save jobs.
I visited the branch this week and did what I wanted to do last week, as well as check the interest rate available on one of my savings account. It was 2.2%, but now it is 4.5 for the next 3 months. I need to do this regularly, as the bank doesn’t automatically adjust the rate upwards, only downwards.
Keep using the local branches and ATM’s as much as possible, as a lack of customers visiting bank branches is one of the measures that banks use to justify closure of branches.