APRA And The Mystery Of The Disappearing Branches!

AUSTRALIA’S banking regulator APRA is picking and choosing which banks it is allowing to get away with breaking the law by misreporting whether their sites offer cash service provided by a teller according to an important article in The Regional. Kudos once again to Dale Webster for highlighting this important issue.

Errors in hundreds of minor and foreign bank sites included in the Australian Prudential Regulation Authority’s points of presence data for years, even decades, have been corrected over the past 17 months after being exposed by The Regional in May 2021.

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  1. I noticed that the definition of a branch was to be updated. I wonder if when they they update the definition of a branch will a branch then be redefined as access to an internet kiosk (eg. local library) for internet transactions with a supermarket such as Coles or Woolworths nearby for cash withdrawals?

  2. My ex bank purposely made branches useless by removing any useful service other than cash handling so they could then close the branches because they "weren't busy enough" 😉😉 when everyone stops going because they know its a waste of time. I watched this 3 month process happen at my local branch just recently. I went in four times over that period, the first three times they just tried to put me on a phone with customer service and the last time I just wanted to make a new account and they said they can't open new accounts, two weeks later the branch was gone, ATM's and all.

  3. Surprisingly few comments on ABC insiders video on the budget. I'm no longer a fan of the ABC because they're too neoliberal but I would have expected more comments rushing back on some of their stupid statements.

  4. Now that my NAB in Corrimal is gone i can recall prior to its closure when i was in there people were sitting at the front lobby chairs doing there banking, through there own phone etc. They were told that everything is online or phone. This was months before its closure. So they surely knew they were shutting down but only notifying people with signs a week before. NAB told us that we can now use certain Australia Post, cos not all of them provide the services.

  5. ANZ confirmed that despite having personnel on the floor to sell products, patrons are no longer able to get cash over the counter on Saturdays, I was told by two different customer service clerks when questioned whether it was a cost cutting measure, the response was on both instances “We are encouraging people to transact digitally”…!

  6. The only time APRA was seen to do anything, was when they prosecuted their own staff for whistle-blowing. It was a Superannuation Fund called E.P.A.S. that told us all what APRA truly was, and still is. A branch is an ATM. Perhaps a branch may include the words "human being that can read and write".

  7. Corrupt: having or showing a willingness to act dishonestly in return for money or personal gain

    Time for an anti-corruption commission not just into parliamentarians but also government departments and the senior public servants who head them up.

  8. APRA is a captured regulator, and they will continue to act with total impunity while both sides of government turn a blind eye to financial sector BS. Also, another sterling "Taskforce" set up to placate the electorate that went nowhere and bought time. "Inquiry" "taskforce" etc are just nice soothing words that calm the populace.

  9. Yeah. It would be good too tie a address location and specific minimum number of employee's to a branch definition. Busniess banking manager, financial planner, cashier teller, branch manager … so maybe a minimum of 4 employees. The location basically makes it harder for them to be like, it is a "every other week pop up" branch near the local town centre.

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