The recently announced closure of the NAB branch in Woy Woy has sparked community backlash after concerns over leaving communities without access to an essential service.
Local customers were sent a letter last week detailing the branch’s decision to close its doors for the final time on October 14.
But many have criticised the move, noting the vulnerable and elderly communities on the Peninsula – customers who may not be able to access online banking services, or travel to different branches.
NAB’s Retail Customer Executive, Jamie Apostolovski, credited an uptake in online banking in the area as one of the main reasons behind the branch’s closure.
“Over the past few years, fewer customers are coming into branches to do their banking and foot traffic has lessened, which has been accelerated by COVID,” Apostolovski said.
“More than 50% of our customers in Woy Woy have only visited the branches once in the last year and almost 70% of customers are also using other branches in the area such as Gosford and Erina.
“As more and more customers are choosing to bank online, we’re investing in improving our digital platform to make it easier and faster.
“While our physical branch presence in Woy Woy will no longer be there, we will still be there for our customers – just in different ways.”
Apostolovski said the branch team will be working with customers over the coming months until its October close.
He also said there will be no job losses with staff encouraged to seek opportunities through other branches or across phone and digital channels.
A number of unhappy NAB customers said they would now look into changing their banking provider, with others also questioning the purpose of paying their service fees.
“Dissappointing but not surprising …they are never very busy,” one customer said.
“I remember the days when there was always a queue at the bank.
“There rarely is now.
“Fortunately, we go to Gosford from time to time.”
Another customer pleaded for others to lobby the bank to keep the branch open.
“I love banks, [they are] so important to the community… let’s all get together and say please stay!” they said.
Member for Gosford, Liesl Tesch, condemned NAB’s decision to close the branch and said is a vital service for ‘so many’ on the Peninsula.
“For many of our Seniors it is their only way of directly contacting the bank and it is them who this will hurt the most,” Tesch said.
“The NAB’s rationale of less face-to-face interaction with customers and a decline in customers at the branch is a huge slap in the face for locals.
“Firstly, it seems like a no brainer that during extensive lockdowns both this year and last year online usage of the bank would have increased, it is what is safe for everyone.
“Then you couple with this their data which shows a decline.
“Any business owner would not be pulling the plug when the time gets tough, they would instead introduce incentives to get more people back.
“Clearly NAB feels our community is not worth the extra effort and resources.
“The proposition to just travel 12km away is absolutely ridiculous for our locals who use their service and depend on it.
“Many pensioners on the Peninsula cannot cross the bridge as part of their restricted licences.
“The lack of understanding from NAB shows the disconnect between them and our vulnerable community members.
“While I am pleased that no jobs will be lost according to their statement, many of our community members will be lost without their services.
“I encourage those impacted by this change to have a think about putting yourself first and choosing a bank who can deliver you a holistic service, located within our community, and gives back to locals by re-investing in organisations and projects that directly benefit the people of the Peninsula.”
There are a range of concerns over elderly customers being left stranded on the Peninsula with this latest move, especially with the closure of the ANZ Woy Woy branch in November last year.
At the time, ANZ General Manager for New South Wales, Michael Wake, said there was a ‘growing trend’ of services moving online.
“As our customers have changed the way they do their banking in recent years they no longer use branches as much while demand for our contact centres and hardship teams has grown significantly,” Wake said.
“An increasing majority of our customers prefer the convenience of doing their banking when it suits them these days.
“We worked individually with our vulnerable customers and contacted hundreds of them in the Woy Woy area to help them with alternatives such as digital options, using the Contact Centre and debit cards.”
Retirees, regional communities, Australians with disabilities, customers from non-English-speaking backgrounds, and Indigenous Australians will be the ones who are hit hardest with the latest closures.
But it’s a trend that is been seen across the country.
In a The New Daily article posted in April, Finance Sector Union secretary for Victoria and Tasmania, Nicole McPherson, was credited in stating it was ‘disingenuous’, for the banks to claim they were solely reacting to changing consumer behaviours, as ‘the banks had been the ones to cause people to have to bank online’.
“We think that everybody should have access to banking services within a reasonable distance of their home, in a way that’s going to work for them,” McPherson said.
She said banks should endeavour to have shortened opening hours to drive down operational costs, rather than close the branches altogether.
Maisy Rae