Bendigo Bank to close Queenstown branch, prompting local outcry

Bendigo Bank will close its Queenstown branch on Friday, part of a nationwide plan to shutter four branches across Australia. The Queenstown closure will leave the West Coast town without a local bank, forcing residents to travel about 150 kilometres to Burnie for face-to-face banking.

Queenstown sits on Tasmania's west coast and has about 1,800 residents. West Coast Council mayor Shane Pitt told Daily Mail that residents were bitterly disappointed by Bendigo Bank's decision. 'It's the last bank on the West Coast, and if you want to do any face-to-face banking, it will be a two-hour drive to Burnie then two hours back,' he said. He noted the area has an ageing population and said retirees who cannot drive would have to spend a full day using the bus service to Burnie to access banking services.

Bendigo Bank has faced local opposition, with thousands of residents signing a petition protesting the closure. The petition tally surpassed 3,000 signatures in a region where the West Coast Council area counts about 4,000 residents.

On the bank's closure rationale, Bendigo Bank said customers will be able to transact at Bank@Post next door to the Queenstown branch fee-free for at least the next 12 months. The bank said the decision followed a review of evolving customer preferences, reduced business activity and higher costs. The bank apologized for any inconvenience and noted it is proud of its regional heritage and operates Australia's second largest regional branch network. To continue delivering for its customers and communities, the bank said it must ensure its branches are adequately supported and resourced.

Bendigo Bank is not alone. The nationwide shift has included the closure of two other branches in Queensland and one in Victoria on Friday, with another six set to close between August and the end of October. Canstar has estimated that as many as 230 bank branches were closed during the 2023-24 financial year, and more than 6,000 ATMs have been removed in the past five years, with regional branches disproportionately affected. The Big Four banks have agreed to a moratorium on regional branch closures until 2027.

Last year, a federal government inquiry into bank closures outlined eight recommendations, including the creation of a regional community banking branch program to help underwrite the establishment of community bank branches.

Queenstown has a single non-bank-owned ATM in town that carries fees for cash withdrawals, underscoring the limited local alternatives to a staffed branch.

Bendigo Bank said it serves about 2.7 million customers.