David Littleproud
October 30, 2016
Heritage Bank has confirmed rumours it will close its mini-branches in Wondai and Murgon by the end of November.
Concerns about the possible closures were raised by Member for Maranoa David Littleproud earlier this month after Suncorp Bank announced it would close its Kingaroy branch on January 20.
The rapid shift of customers to electronic banking had forced Heritage Bank into the decision to close most of its mini-branch agencies, Heritage Bank CEO Peter Lock said.
Heritage currently operates 29 agencies, but intends to close all but three.
Mini branches are agencies co-located inside other stores that allow bank customers to carry out a limited range of transactions, such as cash withdrawals and viewing account balances.
Mr Lock said the agency concept had been introduced in the 1970s at a time when people were still paid by cash or cheque and had no option but to go to a counter to carry out transactions.
He said the rapid rise of online technologies, plus the widespread availability of other banking channels, EFTPOS, ATMs, and the Bank@Post service which allows customers to withdraw cash, deposit cash and cheques, and check their account balance at any of Australia Post’s 3300 outlets meant the cash-based agency concept had come to the end of its lifespan.
Mr Lock said the bank had agonised over the decision, but were eventually forced to take it.
“Transactions at our agency network have dropped significantly in the last four years, and that decrease is accelerating rapidly,” Mr Lock said.
The bank will continue to provide customers with the same standard of banking services through its full branches in Kingaroy and Nanango.
- Related article: Suncorp Closure Draws MP’s Ire
