Comm bank fails customers & community…has no appreciation of branch closure impact says FRA

Furious Fawkner and neighbouring suburb residents and business owners are turning out in force to sign a petition initiated by community advocate and resident Hassaan Gul and supported by State Member of Parliament for Broadmeadows Kathleen Mathews-Ward to save the Commonwealth Bank’s Bonwick Street Fawkner branch from closure said Fawkner Residents Association (FRA) founder and spokesperson Joe Perri.

The inner northern metropolitan suburb of Fawkner has become the latest community to lose its only remaining bank after the Commonwealth’s surprise announcement last week that it would close its branch and ATMs on Friday May 26.  In its letter to customers, the bank cited changing customer needs and increasing use of technology as the reasons behind the closure.

Commenting further Joe Perri said, “Apart from not consulting with the community, the bank itself has failed to appreciate that the loss of the branch is much more than passbooks and over the counter teller related transactions…in fact the teller related transactional facilities only represent a small proportion of a branch’s floorspace. 

“The majority of a branch’s floorspace is dedicated to addressing a complex array of financial service needs of businesses and individuals i.e. lending facilities (home loans, personal loans, car loans, overdrafts, etc), insurance, superannuation, personal finance, financial advice, personal budgeting, credit cards and the list goes on. 

“Services that aren't going to be available at the Post Office as suggested in the Bank’s letter as an alternative to the branch’s closure. 

“With Fawkner's population forecast to be nearly 16,500 by 2036 (an increase of 3,300 since 2011), the Comm Bank has turned its back on the suburb and left a financial services vacuum in its wake!”

Local and nearby residents together with business owners have taken to social media to express their frustration and anger at the news that the suburb's only bank will be closing its doors next month and, in the process, has left many feeling let down and abandoned.

“For many in Fawkner, the bank's closure will significantly impact their daily lives – especially the elderly, disabled and mobility challenged”, said Joe Perri.

“The elderly and mobility challenged, in particular, are concerned about the inconvenience, personal safety as the result of needing to travel to Comm Bank branches in Coburg and Glenroy in order to manage their finances”.

“Local and nearby businesses that rely on the branch are also impacted and will no longer have access to important banking services required by their commercial activities”.

The people of Fawkner are determined to fight the closure of their branch and are calling on the Comm Bank to reconsider its decision and listen to the concerns of local residents said Hassan Gul.

“Whether our efforts will be successful remains to be seen, but the strength of feeling in Fawkner is clear and in just a few short days over 570 residents have signed the Save Fawkner Commonwealth Bank Branch petition.  For many, the closure of their bank is not just an inconvenience, but a serious threat to either their way of life or viability of their business”. 

Hassaan Gul also expressed his deep personal concern about the closure's impact on vulnerable community members. With the nearest bank branch now kilometres away, many elderly or disabled residents will struggle to access necessary banking services. 

A cyber security professional, Hassaan added, “With cyber-crime on the rise, this could leave many community members vulnerable to financial abuse or scams falling easy prey to unscrupulous criminal behaviour”.

Joe Perri concluded by quoting some very hollow statements from the Comm Bank’s 2022 Annual Report…

Caring for our communities

We are committed to making a positive contribution to the communities we serve and supporting Australia through challenging times

Customers

We aim to ensure all individuals and businesses have access to financial products and services that meet their needs.

As Australia’s largest bank, we have a diverse customer base.  We want to create products and services for all our customers – from people with disability and those who are older, to those in remote areas and multicultural communities.

This is why we are focused on identifying opportunities to enhance and protect customer and community outcomes.

ENDS

Issued by the Fawkner Residents Association

Media enquiries:      Mr. Joe Perri

                                    Mob:   +61 412 112 545     Email: jperri@joeperri.com.au