Bendigo Bank branch closures will leave five regional communities without physical banking services, creating significant challenges for rural residents. The bank plans to shut down 10 branches across Victoria, Queensland and Tasmania from August through late October. These closures mean towns like Bannockburn, Korumburra, Yarram, Malanda, and Queenstown will lose their last remaining bank branches.
The closures will hit these communities hard. Queenstown residents in western Tasmania must now drive more than two and a half hours to reach their closest branch in Burnie. Bannockburn’s 6,400 residents face a journey of over 20km to Geelong when they need in-person banking services. The situation reflects a broader problem, as close to 36 per cent of bank branches in regional Australia have shut their doors since 2017. These latest closures add to the growing list of regional banking service reductions, clearly showing Bendigo Bank’s continued branch consolidation.
Bendigo Bank: Closure of 10 Branches
Bendigo Bank has announced the closure of 10 branches in three states, calling it a “difficult decision”. Victoria faces the most significant changes with six branch shutdowns, while Queensland and Tasmania will also see closures.
The Affected Towns
Branch closures will spread throughout eastern Australia’s multiple locations. The Victorian closures include South Melbourne, Malop Street in Geelong, Korumburra, Bannockburn, Yarram, and Ballarat Central. Queensland residents will lose branches in Malanda and Tully North. Tasmanian closures will happen in Kings Meadows and Queenstown.
These changes mean the loss of their final banking institution for five regional communities. Residents in Bannockburn, Korumburba and Yarram (Victoria), Malanda (Queensland), and Queenstown (Tasmania) will soon have no local bank branches. Korumburba’s situation stands out as its nearly 5,000 residents must travel 15km to reach banking services. Bannockburn faces similar challenges, with 6,400 residents needing to drive over 20km to Geelong.
When will the closures take effect?
The bank plans to close branches in stages from August through October 2025. South Melbourne, Malop Street in Geelong, and Kings Meadows in Tasmania will close first on August 1. Korumburba’s branch will follow on August 29.
September brings several changes. Bannockburn’s closure happens on September 25. The next day, branches in Yarram (Victoria), Malanda and Tully North (Queensland), and Queenstown (Tasmania) will shut their doors. Ballarat Central marks the final closure on October 31, completing all planned changes.
Is Bendigo Bank closing branches in 2023 or 2024?
Recent online searches about “bendigo bank branch closures 2023” have created confusion. The bank has scheduled all ten closures between August and October 2025.
Richard Fennell, Bendigo Bank’s chief executive officer and managing director, stated that “the decision to close a branch is only ever a last resort”. He emphasised the bank’s strong physical presence, noting they operate “the second largest regional branch network and the third largest branch network nationally”. The bank also “has more branches per customer than any other Australian bank”, showing their commitment to maintaining local services despite these reductions.
Regional Communities Lose the Last Remaining Banks
Bendigo Bank branch closures will affect rural communities far beyond just causing inconvenience. Five towns will no longer have physical banks, and local residents will have to travel long distances to access simple financial services.
How far is the nearest branch for affected towns?
Queenstown residents in western Tasmania face the most challenging situation. They’ll need to drive more than two and a half hours to reach their nearest branch in Burnie. Bannockburn’s 6,400 residents must drive over 20km into Geelong to do their banking in person. The people of Korumburra, a town with just under 5,000 residents, will have to drive 15km to the next town. People living in Malanda, Queensland, will need to travel 20km to find the closest bank in another town.
What services will residents lose access to?
These communities will lose all face-to-face banking services. They won’t have access to over-the-counter transactions, cash deposits and withdrawals, or personal financial advice. West Coast Council Mayor Shane Pitts pointed out that even before closing, Queenstown’s branch offered limited services and shorter hours. On top of that, many vulnerable residents and small businesses will be left stranded without available banking facilities.
Why are these closures especially damaging to rural areas?
Bendigo bank branch closures hit rural communities harder than others. Rural areas have higher numbers of elderly, Indigenous, and disabled populations who rely heavily on face-to-face services. Local businesses often need cash transactions, especially in places where poor network coverage affects EFTPOS machines. There’s another reason – when local banking disappears, residents might shop elsewhere. This could lead to more business closures. Julia Angrisano, Finance Sector Union National Secretary, calls these closures “an incredibly disturbing development” for Bendigo Bank’s presence in regional Australia.
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Local leaders and the Union Condemn the Decision
Bendigo Bank branch closures announcements have sparked outrage from local officials in three states. Community leaders, elected representatives, and unions claim these closures will harm their towns.
Mayors and MPs on the Closures
Golden Plains Shire Mayor Owen Sharkey called the Bannockburn closure “a kick in the guts for the community.” The branch gave back nearly a million dollars in community grants over 20 years. He noticed that “four or five people” waited in line during his visits, which showed “there is a need and want there”.
West Coast Mayor Shane Pitt stands ready to fight Queenstown’s branch closure in Tasmania. “There’s been no consultation at all,” he stated. The bank’s lack of communication with locals drew his criticism. Wellington Shire Council Mayor Scott Rossetti shared similar feelings about the Yarram closure, calling it “utterly disappointing and disrespectful”.
Monash’s Federal MP Mary Aldred described Korumburra’s situation as a “terrible outcome” for the community. The situation grew tense as Gippsland MP Darren Chester tried to join a community meeting about the Yarram closure. Bendigo Bank’s executives refused to attend if he showed up.
The Finance Sector Unions Response
The Finance Sector Union (FSU) sees these closures as “a slap in the face” for regional customers. National Secretary Julia Angrisano revealed that 32 full-time equivalent roles would be cut. She warned that “many more individuals at risk due to the number of part-time staff”.
“For a bank that proudly has its regional centre hometown as part of its name and is fondly known for its community branch network, this decision feels very ‘big bank’ for all the wrong reasons,” Angrisano stated.
Legislative Change?
The closures have strengthened demands for regulatory intervention. The FSU wants the federal government to act on recommendations from the 2024 Senate inquiry into regional banking. This inquiry suggested that banking should become an essential service.
The union made contact with the Minister of Financial Services, the Assistant Treasurer, and local Members of Parliament in the impacted areas. They argued that “it is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first.”
Bendigo Bank Defends Move Amid Digital Shift
Bendigo Bank executives have defended their branch closure decisions amid widespread criticism. They pointed to changing banking habits and presented alternative solutions for customers affected by these changes.
What reasons has the bank given for the closures?
Bendigo Bank Chief Executive Officer Richard Fennell called the decision “difficult” but essential. He mentioned three main reasons: “evolving customer priorities, a reduction in business activity and an increase in costs”. Fennell stressed that closing branches was “only ever a last resort”.
The bank highlighted a radical alteration in how Australians handle their finances, as customers visit physical locations less frequently. “To preserve what makes our bank unique, we must balance our physical network presence with the need to continue investing in the changing priorities of our 2.7 million customers,” Fennell explained.
How does Bendigo Bank compare to other banks in terms of branch coverage?
Bendigo Bank emphasised its steadfast dedication to physical branches, especially in non-metropolitan areas. The bank currently has “more branches per customer than any other Australian bank”. Fennell mentioned that Bendigo runs “the second largest regional branch network and the third largest branch network nationally”.
This broad coverage has a strong rural presence, with over 51% of the bank’s branches in regional and remote areas. “We are proud of our regional heritage,” a bank spokesperson stated, but noted that branches must be “adequately supported and resourced” to stay viable.
What alternatives are being offered to customers?
Bendigo Bank outlined several alternative banking options for affected customers. These options include access to other Bendigo Bank branches and ATMs, plus digital services through internet banking, mobile applications and telephone banking.
Customers can now use banking services through Bank@Post at any of 3,500 Australia Post outlets nationwide. These services include cash deposits and withdrawals, cheque deposits, and account balance checks using PIN-enabled cards.
The bank promised to provide “digital education programmes to uplift the digital literacy” of customers moving to online services. Bank staff will also ” support customers by attending the Australia Post office with them” to show how these alternative services work.
Conclusion – Bendigo Bank Branch Closures
Bendigo Bank’s decision to shut down 10 branches across Victoria, Queensland and Tasmania has dealt another blow to regional communities that are already seeing their services disappear. Five towns have lost their last bank, which means residents must now travel long distances just to handle simple financial matters. The situation hits Queenstown residents particularly hard as they now face a gruelling two-and-a-half-hour drive to Burnie just to do their banking in person.
Local leaders pulled no punches in their response. They called these closures “a kick in the guts” and “utterly disappointing.” The Finance Sector Union pointed out that this move looks more like something you’d expect from bigger banks, not matching Bendigo Bank’s reputation for putting communities first. The bank’s claim about running Australia’s second-largest regional branch network doesn’t help the towns that lost their only bank.
These closures are part of a bigger story in rural Australia, where bank branches have dropped by 36 per cent since 2017. The bank says it had to make these changes because customers want different things now, and fewer people visit branches. Instead, they suggest using Australia Post or online banking. This whole situation brings up serious questions about whether banking should be treated as an essential service.
Key Takeaways
Bendigo Bank’s closure of 10 branches across three states highlights the ongoing crisis facing rural banking services in Australia.
• Five regional towns will lose their last remaining bank, forcing residents to travel up to 2.5 hours for basic banking services.
• Approximately 36% of regional bank branches have closed since 2017, disproportionately affecting elderly, Indigenous, and disabled populations.
• Local leaders condemn the Bendigo Bank branch closures as devastating for communities, with mayors calling it “a kick in the guts” for affected towns.
• Despite offering digital alternatives and Australia Post services, many rural customers lack adequate internet access or digital literacy skills.
• The Finance Sector Union calls for banking to be regulated as an essential service to prevent further regional service erosion.
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How will the Bendigo Bank branch closures affect rural communities?
The closure of 10 branches will significantly impact rural communities, with five towns losing their last remaining bank. Residents in some areas will need to travel over two hours to access face-to-face banking services, affecting elderly, disabled, and Indigenous populations who rely on in-person banking.
What alternatives are available for customers affected by the Bendigo Bank branch closures?
Bendigo Bank is offering several alternatives, including access to other Bendigo Bank branches and ATMs, digital banking services, and Bank@Post services at Australia Post outlets. The bank is also providing digital education programmes to help customers transition to online banking.
Why is Bendigo Bank closing these branches?
Bendigo Bank cites evolving customer preferences, reduced business activity, and increased costs as reasons for the closures. The bank emphasises a shift towards digital banking, with fewer customers visiting physical branches.
How many jobs will be affected by the closure of 10 branches?
According to the Finance Sector Union, 32 full-time equivalent roles will be cut, with many more part-time staff at risk. The closures will impact employment in the affected communities.