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Byron Shire
April 22, 2024

NAB Mullumbimby to close as federal inquiry continues

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National Australia Bank (NAB), one of the nation’s largest and most profitable banks, is closing its Mullumbimby branch on June 18.

A NAB spokesperson told The Echo, ‘There will be no job losses as part of this change, and our branch team have all been offered other roles across the bank.

They said in a statement, ‘more and more our customers are choosing to do their banking online, over the phone or by video confer ence….. it’s important we continue to adapt with them.’

Bank@Post option

The closure notice directs NAB customers to the Mullum Post Office, which offers Bank@Post.

‘You can withdraw cash, deposit cash and cheques and check your account using a PIN enabled card’, the bank says.

The bank described it as a ‘difficult decision’ to close the branch, located at 68 Burringbar Street.

NAB is the only big bank not pausing the closure of regional banks in the midst of a federal government inquiry into the matter.

Nearly 600 submissions have been received on the Bank Closures in Regional Australia Inquiry, according to www.aph.gov.au.

The Senate granted an extension to table its report for May 16, 2024.

The inquiry will consider, ‘the economic and welfare impacts of bank closures on customers and regional communities; the effect of bank closures or the removal of face-to-face cash services on access to cash; and the effectiveness of government banking statistics capturing and reporting regional service levels’.

Only bank closing regional branches

The Echo asked NAB, ‘why isn’t NAB pausing closing regional banks in the midst of an inquiry, given the other three big banks have done this?’

They replied, ‘while we understand the community will be disappointed, this decision was made after looking closely at the decreasing number of customers using this branch and the increased use of digital banking in the area’.

‘Just as they’re using online government services to complete their tax or a Medicare claim, locals in Mullumbimby are increasingly choosing to bank digitally because it’s more convenient.

‘Today, more than 93 per cent of customer interactions in Australia are taking place online, and this is increasing.’

The Echo asked NAB, ‘what is planned for the historic building?’

They replied, ‘NAB does not own the building, and will be handing back the premises to the landlord.’

$7.7b in profits

NAB’s cash earnings were up 8.8 per cent last year and its 2023 profit was $7.731 billion.

In August 2023, The Guardian reported that ‘National Australia Bank has announced the closure of almost 30 regional branches since a parliamentary inquiry into regional bank closures began in March’.


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7 COMMENTS

  1. What a load of crap…… I’ve been to my bank, the Commonwealth, many times over the the years and only on rare occasions was I able to be served without waiting. It’s obvious there is a need. When there is an issue, and if we call a bank on the phone, we are put on hold for up to half an hour which is not working. The post office can’t help us if we need assistance with our personal account issues if there are no physical banks. The banks do need a further shake up and I’m sure there are ways to keep smaller premises so banks can continue to offer face to face dialogue with bank employees.

  2. It’s a frigging joke they could easily move to a hybrid model like the Commonwealth bank has in places like Yamba.whilst, the banking royal commission isn’t due till may which is a joke in itself and what are they going to do nothing just let banks do as they please with bugger all consequences whilst making billions as you pointed out and with armour guard in trouble of going insolvent and the push by banks to go fully digital scammers will be rubbing their hands with glee . Plus the senate just passed the digital id bill thanks to the greens wtf there go your privacy and government wants you to put your banking details in along with drivers licence passports etc . We already know fees are high for tap and go and will be even higher if we lose cash . What we need is to get rid of credit and the insatiable need for instant gratification. If you can’t afford it you can’t have it and make cash king and in house banking the safest way to bank not digital stupidity and of course we know what happens when blackouts occur and other digital failures no money . The royal commission must mandate banks not close branches but move to the hybrid model half day digital half day in house banking that covers all people old and young and mandate cash be accepted everywhere also . Banks should have their shares suspended if they don’t adhere to these mandates customer first not shareholders.

  3. The banking royal commission was so needed
    However it was merely a slap on the wrist
    Not many consequences followed in the next few
    Years ..just lot’s of hot air ! The government’s
    Just toothless tigers and have no intention
    To reign in the big 4 period ! And yes Australia’s
    Leading back commbank who incidentally for
    It’s size is the most profitable bank in the world
    Yet find the need to close 100’s of branches
    With a ageing population especially in country towns and areas is just greed ! ..can’t blame the staff at mullumbimby they are all as frustrated
    As customers … they too are reducing
    Numbers in branches.. ! Mullumbimby
    Commbank will be the next closure…
    Absolute disgrace government’s !
    Shareholders need to stand up
    To the corporate bullies !

  4. Time for bendigo bank to step in and open branches as other banks close they will soon become the major Australian bank if not time to open up to international banks even Chinese banks as our banks do not care about Australians

  5. I detest that are Banks closing branches and trying to phase out cash , however , it does come down to just one thing for customers .

    Use it or lose it !

  6. It’s all part of this digital currency…digital ID etc. Expect many banks to close as they start phasing it in while phasing banks out!

  7. You got it Natasha can’t believe they passed the digital id in the senate without real debate or a deal by the greens nationals and independents not to block it like the immigration bill . The fact the COVID pandemic try to and basically succeeded in painting cash as dirty germ ridden is a complete fallacy . As cards carry more germs and if terminals aren’t wiped with every transaction pass germs from card to card so it’s cards that are germ loaded as are phones for the same reason . Washing your hands is the only way any kind of germs are not passed on regardless of payment method. Furthermore the banks forced customers into digital banking not willingly and banks admitted it . As they say banks don’t money out of cash but do out of cards so obviously they want to phase out cash plus I’ve just read armour guard want fifty million to keep cash afloat from the banks and others stakeholders hardly a big amount when banks make billions as do the others stakeholders ie Coles Woolworths Wesfarmers etc. cash is king and more building societies need to come back to the banking sector and business should offer cash incentives with five or ten percent off goods for using cash .

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