DAN REPACHOLI MP

MEMBER FOR HUNTER

15 March 2024

ANOTHER MAJOR BANK ABANDONS THE HUNTER

Federal Member for Hunter, Mr Dan Repacholi MP, has criticised the decision by the National Australia Bank to close its Cessnock branch, saying it will have a huge impact on the town.

The National Australia Bank sent a letter to Mr Repacholi this week advising that the Cessnock Branch would close in June.

The closure of the Cessnock branch would mean the National Australia Bank has closed every branch in the Cessnock Local Government area and would require customers to travel 30 plus kilometres to the nearest branch in Maitland or Glendale.

“The National Australia Banks has chosen to abandon the Cessnock community despite making more than $7 billion in profit last year,” Mr Repacholi said.

“These large corporations do not understand the needs of smaller regional communities. The locals are often minutes from their bank, not like in the big cities.

“The National Australia Bank fails to understand that customers still value and rely on conducting their banking in person, especially when an issue arises and contacting the call centre just does not cut it.

“Local businesses who are reliant on over-the-counter banking services on a daily basis are raising real concerns with me about what this closure will mean for their businesses.

“Swapping from one bank to another for a major business like a real estate agency or a law firm is not a simple task, and means that local businesses now face spending days and weeks preparing to swap to another bank just so that they can continue to operate.

“We are seeing banks becoming more disconnected from their customers and this is a step in the wrong direction.

“Last year we saw the ANZ Bank close its Cessnock branch and in the coming year we will lose another branch when either the Greater or the Newcastle Permanent closes one of its branches following their merger.

“These rich fat cats in Sydney office blocks, who never travel to regional areas, now expect customers to travel 30 kilometres to Maitland or Glendale just to do their banking.

“This decision shows that the bank is putting profits ahead of people.

“It’s an absolute disgrace, and given that the National Australia Bank are walking away from us, I’d urge those who can, to walk away from them.

“There are a few smaller banks who are opening branches in regional areas that would be happy to take new customers on board and I would encourage locals to explore those options.

“There is also a petition that I am sharing on my website, and I would encourage the community to sign it and let the bank know exactly how they feel about this decision,” said Mr Repacholi.