Thousands of Aussies to lose bank service
A total of 28 agencies across NSW, Victoria, Queensland, South Australia and Western Australia stop operating from October, while 10 branches in Victoria, Queensland and Tasmania will shut their doors from August.
The agency model, established more than 30 years ago, allowed Bendigo to offer 'limited banking services via third parties in areas where there was not enough customer demand to sustain a branch'.
'Following a review, Bendigo Bank has concluded that its agency model can no longer be supported due to decreasing customer use and other relevant factors and will be retired from October 2025,' the bank said in a statement. Bendigo Bank announced 28 of their agencies would be closing in October. NewsWire / Paul Jeffers Credit: NewsWire
'The bank apologises to customers that use these agencies for any inconvenience.'
Bendigo Bank's chief customer officer consumer, Taso Corolis, said the decision had been informed by 'limited use of these services' and 'an increase in costs and compliance obligations'.
'Bendigo Bank operates more branches per customer than any other Australian bank and Australia's second largest regional branch network,' he said
'We are proud of our regional heritage and are committed to providing face-to-face banking services for our customers.
'To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers.' Bendigo Bank has told customers they will be closing 28 of its agencies across the country. NewsWire / Roy VanDerVegt Credit: News Corp Australia
He said the bank would help customers adjust to the change.
'This may be in the form of connecting them with their closest alternate service, including nearest branch or Bank@Post locations, and walking them through e-banking services available, when required,' he said.
The move is sparking outrage in regional communities, who may now long drives if they wish to attend a branch in person.
One such affected community is Queenstown on the west coast of Tasmania. The Bendigo Bank is the last dedicated physical bank branch in town and residents now face a two and half-hour drive to the closest bank.
Speaking in the Senate on Wednesday night, Queensland and One Nation Senator Malcolm Roberts warned of the impact the closure of that branch would have. One Nation Senator Malcolm Roberts has raised the closure of Bendigo Bank services in the Senate. NewsWire / Martin Ollman Credit: NewsWire
'This is not only the last bank in town. It's the last bank on the entire West Coast of Tasmania,' Roberts said.
'The locals will have no choice and will be forced to drive two and a half hours over icy mountain roads to the next closest bank in Burnie.'
Senator Roberts said he was 'having to raise' it because Tasmania's senators had 'ignored' the issue.
He accused the Albanese government of ignoring the senate inquiry into regional banking, which had made a number of recommendations,
'The government was supposed to respond within 90 days. It's been 14 months and the government has simply ignored it,' Senator Roberts said.
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