Cashless society Australia: Commonwealth Financial institution has closed 354 branches in 5 years

Commonwealth Financial institution of Australia (CBA) has closed a staggering 354 branches and 2297 ATMs up to now 5 years, with plans to close down extra within the coming weeks.

Australia’s largest financial institution, which serves 15.9 million clients, has shut down virtually one-third of its branches since June 2018, going from 1082 to 728 countrywide.

In the identical interval, CBA additionally axed 54 per cent of its ATMs, from 4253 to 1956.

The financial institution additionally doesn’t plan to cease there. It is going to shut one other three branches in main cities earlier than March 1 — Rundle Mall in central Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney.

“After a latest evaluate, we made the troublesome choice to completely shut our Rundle Mall Adelaide, Coolangatta and Coogee branches,” a spokesman informed the Every day Mail on Friday.

The closures will see 13 workers lose their jobs at Rundle Mall, 5 at Coolangatta and 4 at Coogee.

CBA stated 21 of the 22 affected staff had been redeployed.

“We’re additionally supporting the remaining workers member to seek out potential alternatives,” the spokesman stated.

Bankwest, which is owned by Commonwealth Financial institution, can also be closing two branches in Perth and regional WA in coming weeks, following a 3rd closure final month.

Bankwest branches will shut in Maddington in southeast Perth and Kununurra in northern WA on February 29 and April 18, respectively. The Armadale department in southeast Perth closed on January 18.

In small cities like Laurieton on the NSW mid-north coast, CBA operates the one big-four department, with Westpac having closed in 2017, ANZ in 2018 and NAB in 2022.

This implies clients with NAB, ANZ and Westpac should drive 33 kilometres to Port Macquarie to do their banking in individual — significantly vital in the event that they get scammed or discover a bug of their banking app.

CBA in Laurieton closes at 1pm Monday to Friday, that means clients have simply 3.5 hours every weekday to do their banking in individual. CBA branches in regional centres and massive cities, against this, shut at 4pm.

Laurieton’s median age of 67 can also be considerably increased than the nationwide median age of 38, per the 2021 census.

On-line and app banking is especially troublesome for older Australians, who are sometimes much less conversant in the applied sciences and extra weak to scams.

Learn associated matters:Commonwealth Financial institution