IN RECENT years, banks have been trimming the number of open branches around the country. And an announcement from Commonwealth Bank to follow suit and close its Macksville branch has sparked fierce debate in the community.
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Mayor Rhonda Hoban will put forward a notice of motion at tonight’s council meeting to recommend that “council staff consider the option of avoiding all investment products offered by the Commonwealth Bank unless the bank reverses its decision and retains the Macksville Branch”.
This would mean a substantial amount, potentially millions of dollars in council funds, could be withdrawn from the bank.
“My recommendation for council is to cease to do business with Commonwealth Bank if they do go through with the closure on November 25,” Cr Hoban told the Guardian.
“People like to have face to face contact, and their suggestion of using the Post Office is not an acceptable alternative.
“The Nambucca Valley is a relatively disadvantaged community. We have an ABS socioeconomic indicator (SEIFA) ranking of 8 on a scale where 1 is the most disadvantaged community in NSW and 153 is the most advantaged.
“Factors contributing to the Valley's SEIFA ranking are a relatively high proportion of aged people receiving financial support through Centrelink as well as relatively high unemployment (10 per cent).
“I am not aware of how the bank balances its financial outcomes with community service or social obligations but, on the face of it, it seems that the welfare and well-being of our senior residents is being discarded to the altar of bottom line profit.”
Cr Hoban’s concerns also relate to the lack of frequent public transport and the loss of full time positions.
“It will certainly be a major issue for those who cannot (for whatever reason) use electronic banking.
“Generally, people I've spoken to are disgusted that they would just close the doors with no consultation with the community or with customers. Just a letter in the mail saying it will be closed.
“The Commonwealth Bank has turned its back on the community. It shows lack of foresight on behalf of the bank. Macksville is growing, and will grow considerably after the bypass.
“I don't think anything is final until the doors are actually closed, but we're certainly not going to stop trying.”
These closures, the bank says, are a result of customers embracing digital banking and the lenders trying to cut costs.
