In an announcement that has been described as "deeply disappointing" Bendigo Bank will be closing its agency model across many locations in the country in October, including in Grenfell and Cowra.
Bendigo Bank announced in a media release that following a review, it was concluded that its agency model can no longer be supported due to decreasing customer use and other relevant factors and will be retired from October 2025.
The Grenfell Agency is slated to close on 14, October.
Bendigo Bank’s Chief Customer Officer Consumer, Taso Corolis, said the difficult decision to retire the agency model has been informed by evolving customer preferences leading to reductions in business activity, limited use of these services, and an increase in costs and compliance obligations.
Bendigo Bank’s agency model, established more than 30 years ago, enabled the Bank to offer limited banking services via third parties in areas where there was not enough customer demand to sustain a branch.
Weddin Shire Mayor Paul Best said this decision would have a significant impact on our community, particularly residents who rely on in-person banking.
"The closure represents more than just the loss of a bank; it threatens the independence of our most vulnerable residents, affects the liveability of our town, and undermines Council’s efforts to support local business, attract new residents, and maintain essential services," he said.
"Weddin Shire Council remains committed to advocating for the needs of our community."
Cr Best said he will be writing to Bendigo Bank CEO Richard Fennell to express strong disapproval of this decision and urge them to reconsider.
"I will also be contacting our Federal Member, the Hon. Michael McCormack MP, to raise concerns about the implications of rural bank closures in regional communities, especially Weddin Shire.
"The only service now left for our residents is the agency at the Post Office, the decision of Bendigo Bank to close will have a significant impact on our community whom are predominately elderly, and those that are not able to utilise internet banking will require transportation to other locations to undertake their banking requirements," Cr Best said.
"This is not good enough."
"The Bendigo Bank tagline is ‘The Better Big Bank – caring for millions of customers, you need a bank to give you the products and services you need. We need your banking to help us make a difference’; it now appears as they have got bigger the regional centres are made redundant," Cr Best said.
"Where is the customer care?"
Member for Riverina Michael McCormack said Bendigo Bank has hoodwinked its regional customers with its decision to close 28 branch and agency locations across the nation, including an agency at Grenfell that is due to close on October 14.
“Regional Australians have unique challenges such as the tyranny of distance and, particularly in Grenfell, an ageing population who are unable to use internet banking," he said.
“Taking away these vital face-to-face services from communities that have invested their hard-earned money and their trust in Bendigo Bank, particularly in the Agribusiness sector, is not good enough. The bank owes it to their clients to provide these services within the town and not force people to travel around 100 kilometres to do their banking in another town," Mr McCormack said.
Mr Corolis said they understand it may take time for some customers to adjust to these changes and they will support them through this.
"We are proactively supporting customers affected by the closures and will offer them assistance. This may be in the form of connecting them with their closest alternate service, including nearest branch or Bank@Post locations, and walking them through e-banking services available, when required,” he said.
Customers can continue to transact as normal at any Bendigo Bank branch, ATM or at any time via internet banking, their mobile app or by phone on 1300 236 344. Customers can also choose to bank in-person using Bank@Post at any of the 3,500 Australia Post outlets across Australia.