Customers condemn Aussie bank’s ‘outrageous decision’ to close all of its branches

Bankwest, a subsidiary of the Commonwealth Bank, has revealed plans to shut its entire network of 60 branches across Western Australia by October.

The decision will mean the closure of 28 banks in the Perth metropolitan area, 17 branches in regional WA in addition to the conversion of 15 sites to CBA branches.

“This change enables us to invest in the digital channels the majority of our customers are increasingly choosing to do their banking with us,” the bank said in a statement on its website.

“We’re evolving into a digital bank.”

All Bankwest ATMs will also be closing, with the bank no longer operating off-premises machines.

“We recognise this may be difficult news if you or your loved ones bank in branch, or if you feel reassured knowing a branch is nearby. We’re committed to supporting you through this change,” the bank said.

Customers were quick to express their dissatisfaction with the decision, taking to social media to criticise the move. Many declared their intention to switch banks in response.

Well that’s enough for me, I’m taking my business and assets of their balance sheet and going elsewhere. I encourage everyone to do the same.

— Joe Dunstall (@JoeDunstall) March 6, 2024

Well that’s pretty ordinary.
Time to find a new bank I reckon

— Trent Kensett-Smith (@TrentKS74) March 6, 2024

Disgraceful, Bankwest makes $10 billion a year.
What about your elderly and disabled customers?

— Aussie Chris 🇦🇺🐯🇨🇱 (@Aussie_ChrisC) March 6, 2024

Sorry but very disappointing. Done assume your business is going to make it to 130 years. Greed.

— Xavier (@DontPanic1234) March 6, 2024

What a stupid decision, time to find another bank I guess.

— Annoco (@Annoco2) March 6, 2024

Jason Hall, the national assistant secretary of the Finance Sector Union, added his voice to the criticism, vehemently condemning the decision.

He asserted that the CBA/Bankwest move would put Bankwest customers who favoured in-branch banking at a disadvantage.

“This is an outrageous decision by Bankwest which has completely abandoned its customer base in order to cut costs and become a digital bank,” Hall said.

“A range of Bankwest customers will be badly affected including the most vulnerable in our community. Worst affected will be the elderly, First Nations customers, people whose first language is not English, and others who are not computer literate.

“Maintaining a branch network costs money. But surely keeping faith with a loyal customer base is an important principle when those same customers and the banking fees they pay, have been at the core of Bankwest’s profitability for many years.”

In response, Bankwest spokesperson Scott Spittles said there were about 2000 customers who only used face-to-face banking services and the bank had a “bespoke solution” for them.

“We are reaching out to them individually and bankers will contact them one to one with solutions,” he said.

-with AAP.