Inverloch Tourism Association disappointed over NAB branch closure

ANOTHER local bank branch will close its doors this year with NAB announcing the Inverloch branch will shut as of Thursday, July 6.

The Finance Sector Union (FSU) has been calling on the major banks to stop closing bank branches in metropolitan and regional areas, while a Senate Inquiry into Regional Branch Closures is underway.

As more branches were identified for closure, FSU National Secretary Julia Angrisano said the National Australia Bank was refusing to pause regional branch closures.

Customers at Inverloch will have to travel to Wonthaggi, which was undergoing a refurbishment and is due to reopen on May 5.

NAB has assured businesses and agribusiness customers that there will no change to the ‘relationship’ that they have with their existing bankers.

“Over the past few years, fewer customers are coming into branches to do their banking. Around 55 percent of our Inverloch customers have only visited the branch once in the last 12 months, and more than 85 percent are already using other branches including our Wonthaggi branch which is being refurbished and due to reopen next week,” said NAB Retail Customer Executive, Regional Victoria, Larna Manson.

“The Inverloch team will now be helping customers who need additional support with digital banking and also introducing them to the Bank@Post service on Dixon Street.

“It’s important to us that there will be no job losses as part of this change - our branch team will be provided new opportunities across NAB including additional support in the NAB Wonthaggi branch.”

The renewed Bank@Post partnership with Australia Post provides the community with a face-to-face alternative at 3500 Australia Post outlets, where they can conduct a range of banking services including deposits up to $9999 and withdrawals up to $2000 per day. 

The Inverloch Tourism Association (ITA) stated they were extremely disappointed to learn of NAB decision to close the Inverloch branch. 

“Face to face banking services are vitally important to regional communities like Inverloch. The removal of banking services undermines the viability of many businesses within the township that contribute to, and provide services to residents and tourists alike,” they said. 

“At a time when Australians are still recovering from an unprecedented pandemic, adjusting to concurrent inflation, interest rate rises and ongoing cost of living increases, the bank closure will stand as another significant challenge to the businesses of Inverloch and surrounding district.

“The ITA is proposing to advocate with the Bendigo Community Bank as the remaining bank in the town, and conduct a meeting for businesses to advise what banking services can be maintained in the future. Details of this meeting will be advised soon.”