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Moratorium on bank branch closures across regional Australia called by Darren Chester

Federal Member for Gippsland Darren Chester is calling for a moratorium to be imposed on further bank branch closures across regional Australia and demanded the big four banks start respecting their customers' needs.

By news@gippsland - 10th February 2023 - Back to News

Speaking in Federal Parliament this week, Mr Chester said there shouldn't be any further closures until the recommendations of the regional banking taskforce were fully implemented. "One of the major recommendations of the task force's report was for banks to establish a process for conducting and publishing regional branch closure impact assessments by the middle of 2023," Mr Chester said.

Federal Member for Gippsland Darren Chester spoke in parliament this week to call for a moratorium on bank closures and demand the big four banks start respecting customer's needs

Improve transparency

Mr Chester said, "The big banks all agreed with the recommendations and now in the greatest act of hypocrisy they have simply fast tracked branch closures before the recommendations come into effect. I have been advised there are 86 closures planned or undertaken since September last year to now."

"Sadly, it's too late for the dozens of branches that have already closed across Gippsland but we can't afford further closures and job losses. The taskforce recommendations were made to improve transparency between banks and their customers and a moratorium on all closures needs to be implemented until these impact assessments are done."

"These assessments will ensure there is time to develop solutions for local customers and look at other options like co-location with other businesses, reduced hours, banking hubs or mobile branches to cater to vulnerable people and enable them to still have access to face-to-face, local banking services." Mr Chester said.

Decision to shut down

Mr Chester said greedy corporate bankers motivated by their own profits and personal bonuses needed to stop shutting branches and actually look after all of their customers. "Westpac's disgraceful decision to close the branch in Sale, a town of 14,000 residents and a feeder town for surrounding communities is a prime example of corporate bankers shutting branches to meet their targets and secure fat annual bonuses," Mr Chester said.

"My advice to Sale and district residents is wherever possible, if Westpac decides to close its branch, move your business to a bank that remains in your town. It is time to get the banks to start putting people ahead of profits in regional areas." Mr Chester concluded.

Pictures from Darren Chester MP website.

Source: http://gippsland.com/

Published by: news@gippsland.com