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Local Communities Strangled By Loss Of In-Person Banking – And What You Can Do About It!

We (Dale Webster and I) have written to the Senate Standing Committee on Regional and Rural Affairs and Transport about the economic fallout from the removal of in person banking services across Australia. Today I discuss this with Robbie Barwick from The Australian Citizens Party and the need to lobby Senate members on this important issue.

Our submission is available to view here and download : https://digitalfinanceanalytics.com/blog/loss-of-in-person-banking-letter-to-rarat-committee/

And a list of Senators by state is available here: https://citizensparty.org.au/aus-senate

If you care about the economic future of our regional towns and suburbs, then please contact your local Senators and tell them that they should support the initiative, ideally over the next few days, so as to create maximum impact in the final sitting weeks of the year.

Go to the Walk The World Universe at https://walktheworld.com.au/

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Please share this post to help to spread the word about the state of things….

Caveat Emptor! Note: this is NOT financial or property advice!!

Written by Walk The World

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  1. I never thought I would never go to a Bank again but I do as internet banking and cash out at shop's but maybe older people dont use internet as I had to learn but felt I should be able to go to the bank.

  2. This is exactly why Bitcoin was invented but you guys think its a scam. You look to government to solve the problems they created. You need to wake up and stop wasting your time along with everyone else's who you are trying to rally.

  3. We are losing our NAB local branch and the BCU credit union… all claiming people don’t want face to face banking… yet when I visit our local Westpac, the line is always long in there…
    The banks are lying to us… completely full of BS… pfffft.

  4. It's a reverse Robin Hood. Steal from the poor to give to the rich. The galling part is we hire politicians and public servants to represent us not the banks or large corporations. Unlike social media, we are the product and it's still not free.

  5. This is a complete disgrace
    Local post offices should be made into banks asap
    We are being robbed by the banks and the superfunds who own them are wealth harvesting our natural monopolies and ordinary people are being sold out

  6. Robbie, can I suggest Novatti IBOA bank to use with post, low fees, Aus post can get a better cut and they care about this country. Let Aus post build a bank from bottom up using new tech and lower fees. ASX:NOV ON THE ASX. WE CAN DO BETTER THEN 3RD PARTY SERVICE, LETS MAKE A REAL PEOPLES BANK.

  7. I think the retail banks are closing down branches because they know the CBDC will be putting them out of business. They are getting out in the regions and outer suburbs first because they don’t want to spur bank runs and major distrust across the broader community until the last minute before they shut their doors.

  8. The problem is the big 4 these past 5 years gave away the customers personal data balances transactions to 'cloud' services all based overseas, Amazon AWS being the biggest one. The data is not held in Sydney or Melbourne anymore, they have avoided all social reaponsibility

  9. It really does not matter let the banks close,market forces will come into play. there will be a cost and a gross inconvenience to the average person but eventually the banks are on the way out.
    Sooner the better.

  10. If they (the banks) wish to continue to receive the Australian Government Guarantee (that secures their cheaper wholesale borrowing rates) it is only logical that ‘social license’ requirement be implicitly stipulated, policed and enforced. Any proposal for self reporting in this regard, is clearly unworkable, due to the complacency (if not collusion) of their regulating bodies. Errors in ‘legitimate branch number’ reporting need to be punishable (to the effect of criminal prosecution of CEO/CFO and board members) as part of any reform.

    It make me wonder what the current obligations of these banks are, to qualify to receive the guarantee currently? Can/do any of their obligations in this regard already touch on the onus for them to provide minimum services? Can any senate inquiry ask these questions prior to the hearing and, during the hearing?

  11. Not to mention the problems created by communications networks/electricity , eftpos being down in regional areas during floods/disasters whereby people who live there cannot electronically transact, report a fraud(although they wouldn't know with no communications) or even being able to withdraw cash to pay for food at businesses that have product but no eftpos. E-banking does not function in disaster hit zones (something which seems to be more frequent). If a fraud where to occur and you cannot receive the SMS alerting you to it due to mobile networks being down therefore the customer won't/can't contact the bank to confirm it, is it the customer (who has no knowledge, or even if they did had no ability respond to it) who is liable ,is it the bank if the person had received an SMS but couldn't contact the bank due to the networks being taken out by say a flood or something, hmm . If a person received the message, they can't go into a local branch to report it and therefore end it because no branch accessible. Removal of regional branches could have massive consequences but for who, oh hang on that's right, the whole system but more so the people in regional areas. It is bad enough with the closures occurring in the cities, that is just inconvenience as the next branch isn't hundreds of K's away but you can't just push it all online, it won't work IMHO.

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