YESTERDAY afternoon, the ANZ bank branch in Warracknabeal closed its doors to the public for the last time after 128 years of operation.

This branch closure has followed a series of ANZ branch closures in recent years, many believe despite the branches being quite viable and this action represents a push from banks for customers to use electronic banking and automatic teller machines, cutting wage costs and hence employment of staff in branches.

Five other branchesin Victoria were closed at Drysdale, Balaclava, Daylesford, Corryong and Donvale in August as well as numerous branches in other states.

Opened

This ends 128 years of service to the community by the Australia and New Zealand Banking group which first began in 1890, when the Union Bank of Australia opened its branch in Warracknabeal according to Warracknabeal Historical Society records.

In 1892, the bank paid £615 for a block of land at 86 Scott Street and in 1893 a two-storey building with a residence for the bank manager and his family was completed at a cost of £3,300.

In 1927 the Bank of Australasia opened their branch in Scott Street and commenced trading.

At the site of the now closed ANZ branch, a new building was erected by the Bank of Australasia in 1936.

Merged

In 1951 the two banks merged to form the Australia and New Zealand Bank Ltd (ANZ) and by 1952 the branch at 86 Scott Street and business was transferred across the road to the larger ANZ branch at 47 Scott Street.

In 1990, the ANZ branch celebrated its centenary of operations in the town. Following rumours circulating around the the town, on August 14 this year, it was confirmed that the branch would shut its doors for the last time on October 31, however with the branch hours, Monday was the final day for public trading. It is understood that for some years the ANZ hierarchy had been allocating profit earning business to other branches, such as Horsham and Donald to bolster their ‘books’ which in effect then ran down the Warracknabeal branch.

Statement

In a statement from the bank about the closure in August,  ANZ District Manager, Mark Genua said, “our customers in Warracknabeal are increasingly choosing online options and automatic tellers as their main source of banking, which reflects a broader trend in the
community as more services move online.

“This has been a difficult decision and we apologise for the inconvenience we know this will cause some of our customers.

Mr Genua claimed, “of our customers, who have Warracknabeal as their home branch, only 17 percent of them currently use the branch as their main banking source, with more than 50 percent preferring internet or mobile banking.

Profits

FSU Local Executive Secretary Darren Martin said earlier this year that while the ANZ attempted to justify the closures by saying customers were ‘changing the way they chose to do their banking,’ the real reason for the closures was ANZ seeking to maintain its billion dollar profits.

“We know customers, especially the elderly, need to go to bank branches to transact business,” Mr Martin said.

“But all the banks, including ANZ, have embarked on a campaign to push customers onto internet banking, because they can then get rid of branches and keep their profit levels up.”

“This is nothing more than a cynical exercise to dump staff and customers and bolster the bank’s bottom line.”

Marginalising

Warracknabeal Action Group chairman Phil Zanker said yesterday, “it’s clear that the ANZ is marginalising country Victorians with their withdrawal of services. Many generations of families and businesses have supported the bank, and is this is the reward for that loyalty…by their closure.”

“While the ANZ claims the same services will be either available at the Post Office or by travelling to the Horsham branch, I’m somewhat sceptical and believe bank customers should vote with their feet and simply change banks to another local branch and not give them any support at all, when they don’t deserve it. After a recent meeting of Bendigo Bank I believe the Bendigo offers a viable option, particularly where they offer a full 9 to 5
service, plan to upgrade the agency service and staffing and return profits back into
our community, like the Minyip/Rupanyup model…it’s a win-win situation,” Mr Zanker said.