The Commonwealth Bank has confirmed the closure of its Belmont branch, leaving the Geelong suburb without a single bank for the first time in decades. The decision, effective from late next month, has sparked outrage among local residents and business owners who rely on in-person banking services.
Closure Details and Timeline
The branch, located on High Street, will shut its doors permanently on October 27. Commonwealth Bank cited declining usage as the primary reason, noting that 75% of transactions are now conducted digitally. However, locals argue that the closure ignores the needs of elderly residents and small businesses who depend on face-to-face banking.
Community Reaction
Belmont Chamber of Commerce president John Smith expressed disappointment, stating that the bank's departure will hurt the local economy. 'Many of our members are small business owners who need to deposit cash regularly. Without a bank, they'll have to travel to Geelong or Waurn Ponds, which is not ideal,' he said.
Resident Mary Jones, 78, said she feels abandoned. 'I don't use internet banking. Now I'll have to catch a bus to Geelong just to access my money. It's very stressful,' she told the Geelong Advertiser.
Alternatives Offered
Commonwealth Bank has offered alternatives, including the use of the Bank@Post service at the local Australia Post office, which allows basic transactions. Additionally, the bank's mobile app and online services remain available. However, critics argue that these options are insufficient for those without digital literacy or reliable internet access.
Broader Trend
The closure is part of a wider trend of banks retreating from regional areas. Over the past five years, more than 600 bank branches have closed across Australia, according to the Australian Banking Association. This has raised concerns about financial exclusion in rural and suburban communities.
Geelong MP Christine Couzens called on the bank to reconsider. 'Banks have a social responsibility to ensure all Australians have access to banking services. This decision leaves a vulnerable community behind,' she said.
What's Next for Belmont?
With the bank's departure, local leaders are exploring options to attract a new banking provider or establish a community banking model. However, no immediate solutions are in sight. For now, Belmont residents must adapt to a bankless existence.
