Aussies devastated as final metro Bankwest branch closes today: 'Very sad'

Bankwest is closing its final metropolitan branch in Western Australia today in a move that has devastated locals. The bank, which operates under Commonwealth Bank (CBA), revealed earlier this year it was going digital due to the changing nature of customer behaviour.

It has caused dozens of branches across the state to be closed for good or transformed into a CBA location. Lyn, who has been a customer with Bankwest for more than 30 years told Yahoo Finance it's upsetting to see the company wind operations down.

"It's very sad," she said.

"This bank started out servicing farmers before the name changed to Bankwest. Then CBA bought it. Mandurah is traditionally a holiday, retirement area, so lots of oldies. How devastating for their community.

RELATED

• Westpac's major move on branches as regional Aussies suffer with bank and ATM closures

• Capital gains tax warning to Aussie investors missing out on $150,000 cash boost

• ATO tax debts to get more expensive under major $500 million change: ‘Level the playing field’

“How dare they limit our access to our own cash and their services, which should be widely available to us.

"My main concern is not for ourselves, but for our seniors, for whom it can be very difficult to adapt to the new technological ways, physically move around, drive or travel large distances.”

She wasn't alone in her outrage.

Are you affected by bank branch closures? Email stew.perrie@yahooinc.com

Another Perth resident said: "I can’t believe this. I hope Bankwest customers are leaving with a vengeance. Shocking customer service especially for those who are not digital savvy."

"I spent over three hours on the phone trying to talk to a person to sort out my dad's banking. It would have been much easier to go to a bank and see someone," wrote another.

"Very disappointed that this is happening all over the state especially, in country WA .. we need some face-to-face banking," added a third.

A poll of more than 5,300 Yahoo Finance readers revealed an overwhelming 93 per cent of people are in favour of bank branches remaining open.

Approaching the final nail in the coffin after nearly 130 years

The branch at Mandurah Forum, which is a shopping centre nearly an hours drive' south of Perth's CBD, is the last of more than two dozen locations in the city that have been shuttered this year.

There are 15 branches still open in regional Western Australia and they are expected to be converted to a CBA branch by the middle of December.

Bankwest has operated a branch network in the state since 1895.

The bank said only 2 per cent of customers across their whole network visited a branch regularly and only 15 over-the-counter transactions occur in regional WA each day.

At the Mandruah branch, Bankwest said over-the-counter transactions had fallen 30.6 per cent in the year to February this year, with the daily average being just 64.

Bankwest closed all its east coast branches back in 2022 and CBA chief executive Matt Comyn revealed at a senate inquiry last year that its subsidiary was moving towards a "solely digital-only" bank.

Big banks divided on branch closures

Between 2017 to 2023, 2,100 bank branches shut their doors for good across the country, according to the Australian Prudential Regulatory Authority (APRA). There are 350 towns in Australia without a single bank.

In an effort to stem the bleeding of this move towards digital banking, CBA has introduced a moratorium on branch closures until at least 2026.

“We have deliberately chosen to maintain the largest branch and ATM network in the country and are actively working with community leaders across regional Australia to refine how we better support local residents and businesses," a CBA spokesperson told Yahoo Finance.

Westpac revealed earlier this year it had also placed a moratorium on branch closures until 2027, but NAB and ANZ haven't followed suit.

Australia's fifth-largest bank, Macquarie Bank, recently moved closer towards being completely cashless.

In May, Macquarie customers were banned from withdrawing and depositing cash from the bank's three branches and had to switch to digital-only payments.

From November, customers will be prevented from writing or depositing personal cheques, depositing or requesting bank cheques, depositing cash or cheques over the counter at NAB branches, or making a super contribution or payment via cheque.

Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.