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One of Australia’s big four banks has announced the closure of five of its branches across the country next year.
NAB confirmed its branches in Teggeranong in the ACT, Emerald in Greater Melbourne, Balmain in Sydney, Scone in NSW and Runaway Bay on the Gold Coast will be closed on March 7.
NAB retail executive Krissie Jones said the decision to close stores was due to more Australians opting to bank online rather than in person.
The bank alerted the Financial Sector Union (FSU) to the news on Wednesday, which states that the decision “does not take into account community concerns about bank closures.”
FSU National Secretary Julia Angrisano said the decision is “a betrayal of the community and staff in these areas.”
NAB confirmed all five branches in New South Wales, ACT, Queensland and Victoria will be closed on March 7 (file image)
Angrisano criticized the announcement just before Christmas as a “disgrace” that will hit older Australians and businesses hardest.
“After making an annual profit of $7.7 billion, NAB is still using branch closures to reduce costs and increase profits,” it said in a statement.
‘The bank could easily invest in these communities that rely on branches for their banking needs rather than closing them.
“NAB needs to wake up to the real needs of customers, save the jobs of bank workers and keep these branches open.”
Ms Jones highlighted that no jobs will be lost with the closures, but rather NAB employees will be transferred to other roles.
“While we understand that some people will be disappointed, this decision was made after taking a close look at the number of customers using these branches and the increased use of digital banking in the area,” he said in a statement.
“Just as people use online government services to complete their taxes or a Medicare claim, locals in these areas are increasingly choosing to bank digitally because it is often more convenient.”
The National Secretary of the Financial Sector Union said the closures are “a betrayal of the community and staff in these areas” (pictured, NAB in Scone is about to close).
Those who will have their branch closed and need to bank in person have been urged to use Australia Post banking services for free.
More to come
NAB announces branch closures across the country, including Queensland, New South Wales and Victoria