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.
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