Major Aussie bank announces a wave of bank closures across the country

NAB is poised to shutter numerous branches in major cities and regional areas across multiple states, claiming that customers increasingly prefer the convenience of online banking.

Approximately 36 branches in NSW, the ACT, Queensland, Victoria, and Western Australia are marked for closure. The decision, as outlined on the NAB website, attributes these closures to the growing trend of customers opting for online, phone, or video banking.

“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,” the statement read.

“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.”

Queensland will see closures in Bribie Island, Browns Plains, Caneland Central, Cleveland, Inglewood, Mitchell, Pittsworth, and Runaway Bay. Victoria is set to experience closures in Bright, Emerald, Kilmore, Morwell, Mt Waverley, Ocean Grove, Strath Village, Tatura, and Whittlesea.

In NSW, affected closures encompass Balmain, Broadway, Gilgandra, Gosford, Gundagai, Kyogle, Lake Cargelligo, Lithgow, Oberon, Scone, Temora, Warren, Wellington, and Woolgoolga. Tuggeranong in the ACT is also slated for closure.

In Western Australia, the affected branches include Corrigin, Innaloo, Maddington, and Waroona.

Late last year, NAB announced a series of bank closured across the country with NAB retail executive Krissie Jones highlighting that the decision to close branches is a response to the increasing trend of customers embracing online banking services.

“While we understand some people will be disappointed, this decision was made after looking closely at the number of customers using these branches and the increased use of digital banking in the area,” Jones said at the time.

“Just as people are using online government services to complete their tax or a Medicare claim, locals in these areas are increasingly choosing to bank digitally because it’s often more convenient.”

Ongoing bank closures, particularly in regional areas, are perceived as a significant challenge for residents in these regions who heavily depend on in-person banking services.

FSU National Secretary Julia Angrisano said, “closing these banks is a betrayal of the community and staff in these areas and will make banking harder for older people, businesses and anyone who needs to speak to a banker face to face.”

“These announcements could not come at a worse time with the holiday season around the corner and cost of living pressures already taking a significant toll on our members,” Angrisano said.

“It is a disgrace that NAB continues to aggressively pursue its branch closure strategy without genuine community engagement or employee consultation.

“After delivering an annual profit of $7.7 billion, NAB is still using branch closures to cut costs and boost profits. The bank could easily invest in these communities who rely on branches to meet their banking needs instead of shut them down.”