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
Digital banking is convenient, but branches are necessary for some transactions. What concerns me more, in regard specifically to BOQ, is that their move to digital banking requires customers to use a phone-based app. MyBOQ approach to technology is heavily discriminatory against the aging and disabled. I have lodged a strenuous complaint. Requiring the use of an app instead of the computer to do digital banking is unacceptable. It discriminates against those who struggle with the size of a phone screen and the lack of a conventional keyboard. It is also a security risk (despite staff protests to the contrary!) and potentially an access risk. We carry phones with us when going out. They can be easily lost, stolen, or dropped and broken. If I can only access banking on my phone and it’s out of action for weeks due to loss or breakage, I have big problems paying bills! Also, to do banking on my computer I need BOTH my computer and my phone, because a security code is sent to my phone. Banking on the phone involves only the phone, so less security. My computer is locked in my house and a backup of all data locked separately in a safe, so the risk of someone accessing my bank accounts through it is small. I use private browsing, strong virus protection, and a VPN on my computer. I don’t invest in those precautions for my phone. It’s for making and receiving phone calls.
I think the government needs to legislate that banks cannot limit access to their services unreasonably. i.e. They must retain physical branches in locations where they are reasonably necessary and they must not limit digital banking to specific types of devices that may be difficult or uncomfortable for customers to use.
I also think it’s past time there was an end to the disgustingly misleading 4-month introductory interest rate and then reversion to next to nil, and the requirement that customers increase their balance every month to receive a decent return. I recently abandoned AMP because they changed their policy to require balance increases monthly to get decent interest. That is discriminatory against the aged because retirees don’t want to grow savings. They are in a spending phase of their lives. But they DO need a decent interest rate on what savings they have.
Banking law reform is overdue and badly needed. The profit motive should not be permitted to overrule the obligation to provide good customer service and fair interest on savings.
‘I think the government needs to legislate that banks cannot limit access to their services unreasonably. i.e. They must retain physical branches in locations where they are reasonably necessary and they must not limit digital banking to specific types of devices that may be difficult or uncomfortable for customers to use.’
Well said, Lorraine! Especially for closures happening in regional areas which have the next available bank branch hours away…
Banking is one of the first industries that is rapidly moving towards conducting all business online. The next step will be to make most phone contact through a clever AI program which can deal with most inquiries so well that customers will not even realize they are talking with a machine. Human employment will take a big hit.
This change is coming to other industries too and sooner than many people realize. Over the next five to ten years a huge change is coming to “work” in developed countries and IMO our politicians and society are at a loss of how to deal with it.
Sometimes I wonder if the ‘person’ I’m talking to on the phone for customer concerns is an actual person…
My bank won’t be closing branches any time in the near future. I’m able to access my funds thru the local Westpac/St George branch.
Until greedy banks & third parties who charge businesses for accepting card transactions cut the fees, I will NEVER use card if I can use cash.
Even though I don’t pay any fees for having my account with my bank, I REFUSE to pay a surcharge, which is a fee, for using my card at any business.
I also make it a personal must to carry cash with me at all times. Don’t want to get caught by surprise like what happened in that outage a few months back!