Narooma residents can rest easy that Commonwealth Bank of Australia won't close its Narooma branch for at least three years.
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It is the only one of the big four banks still in Narooma after National Australia Bank closed its doors on December 8, 2022.
The branch is open 9.30am to 1pm.
Narooma's other bank, IMB, is open 9am to 5pm.
Bathurst MP Paul Toole welcomed the news on Friday, July 7, that the Commonwealth Bank of Australia had announced that no regional bank closures will occur for at least three more years.
He said residents of regional areas have voiced their concerns about ongoing branch closures from the big four banks which led to a Senate Inquiry that was announced in February.
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Their main concerns related to limitations of banking services available in regional, rural and remote communities, as well as mortgage approvals and depositing large sums of cash, both of which require in-person transactions.
Mr Toole said bank closures also force residents to travel longer distances to receive the services they need with the next nearest bank potentially being hundreds of kilometres away.
"While we are moving more and more towards remote banking methods, it is still important for communities in regional areas to have easy access to bank branches as not everything can be done digitally.
"I hope other banks see this commitment from the CBA and follow in its footsteps," Mr Toole said.
When the Senate Inquiry was announced, Finance Sector Union national secretary Julia Angrisano said before banks close regional branches the FSU wants banks to conduct community impact assessments to understand the potential impact on their customers and the community, including availability and accessibility of alternative banking options, particularly for vulnerable customers.
"Often in remote and regional areas it is usually the elderly who don't feel safe banking online and the Indigenous and community volunteer groups with their donations, usually in the form of cash," Ms Angrisano said.
She said bank closures also impact small business through a domino effect.
"People no longer come into town to do their banking and they would have done some shopping so closing central services like banks has an impact on all the community and associated businesses."
She said it was important that banks kept local connections by being on the ground to ensure they understand the community and environment amid droughts, floods and bushfires.
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