Commonwealth Bank of Australia (CBA) has closed a staggering 354 branches and 2297 ATMs in the past five years, with plans to shut down more in the coming weeks.
Australia’s biggest bank, which serves 15.9 million customers, has shut down almost one-third of its branches since June 2018, going from 1082 to 728 countrywide.
In the same period, CBA also axed 54 per cent of its ATMs, from 4253 to 1956.
The bank also doesn’t plan to stop there. It will close another three branches in major cities before March 1 — Rundle Mall in central Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney.
“After a recent review, we made the difficult decision to permanently close our Rundle Mall Adelaide, Coolangatta and Coogee branches,” a spokesman told the Daily Mail on Friday.
The closures will see 13 staff lose their jobs at Rundle Mall, five at Coolangatta and four at Coogee.
CBA said 21 of the 22 affected employees had been redeployed.
“We are also supporting the remaining staff member to find potential opportunities,” the spokesman said.
Bankwest, which is owned by Commonwealth Bank, is also closing two branches in Perth and regional WA in coming weeks, following a third closure last month.
Bankwest branches will close in Maddington in southeast Perth and Kununurra in northern WA on February 29 and April 18, respectively. The Armadale branch in southeast Perth closed on January 18.
In small towns like Laurieton on the NSW mid-north coast, CBA operates the only big-four branch, with Westpac having closed in 2017, ANZ in 2018 and NAB in 2022.
This means customers with NAB, ANZ and Westpac must drive 33 kilometres to Port Macquarie to do their banking in person — particularly important if they get scammed or find a bug in their banking app.
CBA in Laurieton closes at 1pm Monday to Friday, meaning customers have just 3.5 hours each weekday to do their banking in person. CBA branches in regional centres and big cities, by contrast, close at 4pm.
Laurieton’s median age of 67 is also significantly higher than the national median age of 38, per the 2021 census.
Online and app banking is particularly difficult for older Australians, who are often less familiar with the technologies and more vulnerable to scams.
FAQs
Australia's biggest bank, which serves 15.9 million customers, has shut down almost one-third of its branches since June 2018, going from 1082 to 728 countrywide. In the same period, CBA also axed 54 per cent of its ATMs, from 4253 to 1956. The bank also doesn't plan to stop there.
Are all banks going cashless? ›
All of the Big Four banks - Commonwealth Bank, Westpac, ANZ and NAB - have ruled out going cashless.
Is Macquarie Bank cashless? ›
Timeline of Macquarie Bank's move towards cashless
May 20: Customers will be unable to access over-the-counter cash or cheque services at Macquarie offices. This includes deposit and collection of cheques, and ordering of new chequebooks.
Which banks are closing branches? ›
Bank of Scotland, Halifax and Lloyds, which are all part of the Lloyds Banking Group, will shut at least 177 of their bank branches in 2024 and 2025, the Group has confirmed. The banks had a combined total of 1,117 branches as of Thursday 25 April.
How many CBA branches are there in Australia? ›
Is Australia going to be a cashless society? ›
Australia leads the way to cashless society
Dr Angel Zhong, an associate professor of finance at RMIT, predicts a “functionally” cashless society in Australia by 2030 due to consumer preferences. “That means cashless payment will become the dominant way of payment,” she told news.com.au.
How close are we to cashless? ›
The US is moving toward cashless payments, with a substantial increase in the use of mobile wallet apps and contactless cards. A report from the Federal Reserve Bank of San Francisco found that payments made using cash accounted for just 18% of all US payments in 2022.
Can I withdraw cashless? ›
Cardless cash withdrawal request can be initiated for a minimum of Rs.100 per transaction and upto a maximum of Rs.10,000 per day or Rs.25,000 per month for a beneficiary (The limits are subject to change as per regulatory guidelines). What is the time taken for creating a Cardless Cash Withdrawal?
Who owns Macquarie Bank? ›
Macquarie Bank Limited Board
Our Australian bank subsidiary, Macquarie Bank Limited (MBL), is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL) and is governed by the MBL Board.
Which bank is going digital in Australia? ›
Bankwest will transition to a digital bank in 2024, enabling it to accelerate investment in delivering simple and easy digital banking and broker services to meet the needs of more homeowners across Australia.
About the FDIC:
| Bank NameBank | CityCity | Closing DateClosing |
|---|
| Republic First Bank dba Republic Bank | Philadelphia | April 26, 2024 |
| Citizens Bank | Sac City | November 3, 2023 |
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| First Republic Bank | San Francisco | May 1, 2023 |
56 more rowsNatWest, Royal Bank of Scotland (RBS) and Ulster Bank, which are all part of the NatWest Group, will shut at least 100 of their bank branches in 2024/25, after the Group announced a further 18 RBS closures.
Why are all banks closing my accounts? ›
For instance, your bank may suspect you're a victim of identity theft or that your account is engaging in money laundering or wire fraud. Excessive bounced checks or overdraft fees: Banks often close the accounts of customers who frequently bounce checks.
Why are Australian banks closing branches? ›
The Australian Prudential Regulation Authority noted that in the 2023 financial year, there were a whopping 424 bank branch closures, 122 of which were in regional and remote areas. It's all largely due to customers choosing to do the majority of their banking online and Aussies using cash less .
Which is the top No. 1 bank in the world? ›
Why is Commonwealth Bank closing? ›
Across the country several CBA branches have also closed this year, reportedly due to declines in customer demand at the branches.
How long until we are cashless? ›
Physical currency isn't becoming obsolete any time soon, so it's important to weigh up your options before deciding to go fully cashless in 2024. Ensuring you can accept some cashless payments though, is essential to keeping with today's trends and customer expectations.
Are the banks getting rid of money? ›
From paper to polymer banknotes
We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.
Are we ready to go cashless? ›
India cannot become cashless unless this mammoth sector adapts to the digital payments. Incentivizing the people alone is not sufficient. The government needs to develop the supporting infrastructures and technologies for India to become a cashless economy while also providing awareness to its people.
What does it mean when a bank goes cashless? ›
Cashless is a term used to describe a system where people rely entirely on electronic payments rather than paper money. Processing such transactions usually occur through channels, such as: Point of Sale systems (POS) Internet banking.
