The Bendigo Bank has announced that it will terminate 16 agencies as the bank seeks to build on last year’s measly profits of $488,000,000. 

Following last year’s financial results, Marnie Baker, CEO and Managing Director said, “We are Australia’s most trusted bank and stand out with our leading customer advocacy and satisfaction scores.

“Our purpose of feeding into the prosperity of the community, and not off it, sets us apart and gives us a competitive edge.”

Customer advocacy, satisfaction and community prosperity seem to be far from the driving force behind the decision that will see the closure of Barham, Cohuna and Pyramid Hill Bendigo Bank agencies on Friday, July 28, 2023. 

The move has devastated local customers and businesses.

One Bendigo Bank customer told The Bridge it would impact a lot of people.

“The bank now expects me to travel to Kerang to do my banking.

“I don’t have a car and there’s no public transportation.

“Do I have to ride my gopher there, or use my pension to pay a taxi?

“Profits before people.”

Cohuna and Barham Bendigo Bank Agency contracted service provider Lauren Polkinghorne was gutted by the news.

“Agencies provide a critical role in communities such as Koondrook, Barham and Cohuna.

“The whole reason Cohuna has an agency is because the bank closed the branch.

“Time and time again, banks seem to diminish services in the country while increasing profits year on year.

“It will mean the loss of jobs, and I find the most upsetting aspect is the impact on our elderly and vulnerable in the community.”

Pyramid Hill Bendigo Bank Agency principal, Mark Lacey, said he’s fed up after doing everything to grow the banking business to have the rug pulled out from under him.

“I was agency principal for 15 years when the bank was at the supermarket. A change of ownership saw the agency looking for a new home, so I purchased a premises seven years ago and continued it going.

The better big bank abandons communities

“I’ve worked hard with farmers and networking to attract new customers and increase holdings for the bank.”

Mark feels the move will now risk the viability of his Filipino supermarket.

“Our town grew 20 per cent with Filipinos moving here, we’ve had news coverage from The Project and Backroads Trail over the years praising me for opening the shop and getting all the groceries, but you know now, that’s probably gone.”

Mark finds it ironic with the constant threat of digital fraud banks are further withdrawing from the face-to-face customer service.

“On Monday, we received an urgent email from Bendigo Bank stating online account opening was suspended and to expect more foot traffic in the agencies and branches.”

Many agencies report customers come to them about suspicious texts, odd transactions and many services agencies provide to the community.

“They’re pushing everyone to bank at the post office, not all the services are available through the post office,” said Mark. 

“Many customers still have passbooks that the bank can’t attach cards to, they’ll need whole new accounts to use at the post office.”

92-year-old Marj Ryland said the bank provides a vital service to the community.

“There’s a lot of women my age in town who no longer drive.   

 “We can come down here and the staff help us with withdrawals or transfers.

“How are we expected to get to Kerang?”

Marj’s daughter, Leanne Heffer, has been church treasurer for 27 years and said she would be lost without the local agency.

“It’s hard enough to get down here during the week at times without having to get to Kerang.

“I don’t think they’re worrying about country people, retirees moving to town or tourism.

“People need a bank. For the church, I have five bank accounts and I do all the transactions and transfers here.

“The opportunity shop money and church money all come here to be deposited.”

Sporting clubs and community organisations will also be significantly affected with no card and multiple signatures often required to be presented.

The Bendigo Bank issued a statement as follows:

Please note that customers may continue to transact in branch, online or via Bank@Post. 

In both Cohuna and Barham, Bank@Post facilities are less than 200m from the Agency.

“Bendigo Bank’s Agency model was established to supply limited banking services via third parties in areas where there was not enough demand to sustain a branch.

“The Bank regularly reviews business and customer activity across its network so that it can invest in technology and meet the growing expectations and changing preferences of our customers and the community.

“As the number and value of over-the-counter transactions has fallen and more customers choose to do their banking online, the model has come under increasing pressure and has been placed under review.

“As part of this process, the Bank has begun reviewing Agency agreements and engaging the Agency principals.”

Bendigo Bank customers are planning a rally in Garden Park, Cohuna on April 13 at 12:15pm. Member for Murray Plains Peter Walsh will attend.

This article appeared in The Koondrook and Barham Bridge Newspaper, 6 April 2023.