Major bank to close multiple branches

Banking Generics
Five NAB branches will be closed in March 2024. Picture: NCA NewsWire / Damian Shaw

National Australia Bank will close five branches across the country in early 2024, the bank has confirmed.

The branches to be closed on March 7 next year are Tuggeranong in ACT, Scone in NSW, Emerald in Greater Melbourne, Runaway Bay on the Gold Coast and Balmain in Sydney.

NAB retail executive Krissie Jones said the closures comes as more people turn to online banking.

Five NAB branches will be closed in March 2024. Picture: NCA NewsWire / John Gass

“While we understand some people will be disappointed, this decision was made after looking closely at the number of customers using these branches and the increased use of digital banking in the area,” Ms Jones said.

“Just as people are using online government services to complete their tax or a Medicare claim, locals in these areas are increasingly choosing to bank digitally because it’s often more convenient.”

SYDNEY, AUSTRALIA - NCA NewsWire Photos: Editorial generic stock image of a former bank branch appears empty and derelict as the major banks move to close local banking outlets. Picture: NCA NewsWire / Nicholas Eagar
The NAB bank closures will see some communities without a local branch. Picture: NCA NewsWire / Nicholas Eagar

Ms Jones said no jobs will be lost as part of these changes, with staff offered other roles across the bank.

The Financial Sector Union national secretary Julia Angrisano said the closures would cause some stress to households struggling with cost of living pressures.

“Closing these banks is a betrayal of the community and staff in these areas and will make banking harder for older people, businesses and anyone who needs to speak to a banker face-to-face,” Ms Angrisano said.

“These announcements could not come at a worse time with the holiday season around the corner and cost of living pressures already taking a significant toll on our members.”

The branches are being closed as more people access online banking. Picture: NCA NewsWire

Ms Angrisano said the decision to close branches is out of step with other competitor banks, especially as a Senate inquiry into regional bank closures continues.

“It is a disgrace that NAB continues to aggressively pursue its branch closure strategy without genuine community engagement or employee consultation,” Ms Angrisano said.

“After delivering an annual profit of $7.7 billion, NAB is still using branch closures to cut costs and boost profits.

“The bank could easily invest in these communities who rely on branches to meet their banking needs instead of shut them down.”

“NAB needs to wake up to the real needs of customers, save the jobs of bank workers and keep these branches open.”

Ms Jones encouraged customers to continue their day-to-day banking through Australia Post.