The Bank of Queensland (BOQ) has announced the imminent closure of its 16 branches across the nation. This decision, set to take effect throughout February, was met with fierce criticism from The Finance Sector Union (FSU) officials, who labelled it ‘truly despicable.’
‘Australians rely on local bank branches and no amount of corporate spin from banks can deny that fact. Removing branches from local communities is a shameful act of betrayal by big businesses who care about their profit more than they care about delivering the local services banks used to be proud to provide to their customers,’ said FSU National Assistant Secretary Jason Hall.
‘The greedy actions of the Bank of Queensland are reprehensible, but sadly not surprising. Bank of Queensland customers are right to feel betrayed by these closures, and Finance Sector Union members stand with them in disgust at the actions of this greedy corporation.’
‘We should not need to see more branches, ATMs and staff jobs slashed before the Federal Government acts,’ he continued.
However, a BOQ spokesperson defended the ‘difficult decision to close’ their branches, stating that it is part of an effort to ‘simplify operations’ and enhance digital banking services.
‘We are focused on supporting our people throughout this process and are pleased that most team members will transition to new roles across our network.’
‘As our branch network evolves in line with our business priorities and growth corridors, we remain committed to providing our customers with exceptional service,’ assured the bank’s spokesperson.
The closures will impact a wide range of communities, with 14 branches set to shut their doors across Queensland, Western Australia, New South Wales, and Victoria throughout February.
The list of BOQ branches slated for shutdown includes:
– Queensland: Caloundra, Carindale, Elanora, Sherwood, Springwood, Toowong, and Logan Central
– Victoria: Moonee Ponds, Richmond, Docklands, Hampton, and Werribee
– New South Wales: Newtown, Bella Vista, Rockdale
– Western Australia: Applecross
This recent announcement is part of a broader trend, with a total of nine branches having closed since the beginning of 2023.
This move also comes after BOQ closed its Geraldton branch in Western Australia on Friday, per the union.
In August of last year, BOQ informed shareholders of plans to cut up to 400 jobs across various departments, including retail operations, marketing, and human resources, as part of a strategy to streamline and digitise its operations.
Our YourLifeChoices readers, how do you feel about the increasing push towards digital banking? Is your local bank affected by the closure? Join the conversation in the comments below and let us know how these changes are impacting your life.
Also read: Branch closures pushing vulnerable even further behind
