Bank closure a day earlier than advertised

BENDIGO Bank will officially close in Yarram this Friday September 26 but given that day is a public holiday (AFL grand final) it will close on Thursday September 25 and not reopen.

A group of locals led by David Phelan, a stock and station, Kevin Mackin vice president of Yarram & District Progress and Coastal Ward Councillor & former local businessperson Garry Stephens are leading a  local charge to try and entice another bank to take up residence in the Bendigo Bank building and serve the local community with a service that they deserve. Their efforts have included speaking with big banks who have left the town over the past 10 years, other community banks and exploring regional banking pathways.

Federal Member for Gippsland Darren Chester has voiced his displeasure at the banks closure.

“We are working hard to try to find a bank who wants to deliver the service this community deserves - face to face banking - not just transactions at the Post Office,” a spokesperson for the group said.

“ We have had some positive conversations, but it takes time and we will not be stopping until we have exhausted all avenues.”

Yarram ’Bendigo Bank customers have had their accounts transferred to the Traralgon Branch a 46 minute drive or over 1 hour by bus one way.

It was only a few years ago, as the Commonwealth Bank – the last big four bank to leave the town, Bendigo vow it was not going anywhere as locals were encouraged to transfer their banking to them on this promise.

Now they tell us that we can do our banking at the local post office, which is true, however, there is no privacy when doing transactions, you must order cash over a certain amount, the lines in the post office are becoming increasingly longer, meaning businesses owners or staff are away from their stations for longer periods trying to get their banking done. 

To arrange face-to-face banking they will need to travel to Traralgon which is a 50 minute drive one way, it remains to be seen if this bank will have a mobile bank representative who will come to the area to assist customers with their banking needs.

The devastating trend of bricks and mortar banks

Many banks across the country have removed their ATMs and reduced their branch location numbers as Australian are forced to  use their inbank  services less. 

Canstar research released in 2024  found  230 bank branches were closed over the 2023-24 financial year, while the toll for ATMs over the last half-decade stands at more than 6,000.

Of that 230, 52 were located in a regional area.

The year before, 112 were shut.

Over a five-year period, 1,615 have shut their doors.