The Bank of Queensland has joined a growing trend of banks abandoning face-to-face customer service, announcing the closure of two local branches.
The finance union has labelled the move “despicable”, while community leaders have accused the banks of choosing profits over people.
Over the last three years, Logan has seen the closure of the Commonwealth branch at Logan Central Plaza, Westpac at Loganholme, NAB and ANZ at Beenleigh, and Heritage at Woodridge.
Now, BOQ branches at Logan Central and Springwood are joining the fray.
A BOQ spokesperson told MyCity Logan it was a “difficult decision” to close the branches.
They said the bank was simplifying operations as “more customers embrace digital banking”.
“We are focused on supporting our people throughout this process, and are pleased that most team members will transition to new roles across our network,” the spokesperson said.
“As our branch network evolves in line with our business priorities and growth corridors, we remain committed to providing our customers with exceptional service.
“We look forward to welcoming customers to our other branches and continuing to support their banking needs via our digital channels and Bank@Post services.
“Customers with queries are welcome to contact us via our usual channels.”
While research from the Australian Banking Association shows 99.1% of transactions are now taking place digitally, with cash being used for just 13% of payments, many locals cherish and rely on face-to-face service.
This is the second time in four years a bank branch has closed on Kingston resident and BOQ customer Kathleen Woosman.
She has banked at Logan Central Plaza for more than 40 years, since 1979.
“All the banks used to be avaliable here,” she said.
“Commonwealth Bank didn’t even let me know when they closed.”
Ms Woosman said she was frustrated by the closure.
“It is a total inconvenience – it’s ok if you have transport to go everywhere else.
“I’ll have to go to the post office to get money.”
From the 7 February, local customers will need to visit the branches at Daisy Hill, Browns Plains, and Sunnybank Hills.
The closest branch for Logan Central customers, Daisy Hill, is 15 minutes away.
Rankin MP Jim Chalmers, who as federal treasurer has been called on by the finance union to impose regulation on banks to prevent branch closures, said the news was disappointing for customers and employees across Logan.
“Our thoughts are with the workers who will be affected and the customers in our area who rely on these branches to do their banking,” he said.
“We understand how important it is for people to access to banking services and we work closely with the banks to keep as many branches open as possible but ultimately, this was a commercial decision taken by BOQ.”
Queensland’s shadow treasurer and Waterford MP Shannon Fentiman said the closures were not good enough.
“… especially those that would prefer to have a chat face-to-face than go online for their banking,” she said.
“Our communities deserve banks that will put people before profit, and this just isn’t good enough.”
National assistant secretary of the Finance Sector Union, Jason Hall said closing branches was a “shameful act of betrayal by big businesses”.
“… who care about their profit more than they care about delivering the local services.”
He said four BOQ staff at Logan Central were being relocated to other branches.
“The greedy actions of the Bank of Queensland are reprehensible, but sadly not surprising,” he said.
“CEO Patrick Allaway has been on a cost cutting frenzy for more than 12 months, buying back franchised branches – which we always said was a precursor to more branch closures – and announcing staff cuts of 400 in September 2024, on top of 220 staff cuts in October 2023.”
He said the union wrote to Dr Chalmers calling on him to “take action”.
“He must say that enough is enough,” Mr Hall said.
“Banks should no longer have free rein to deny banking services to rural, regional and suburban customers.
“Given their failure to do so themselves, banks should face regulations to force them to keep branches and ATMs open.
“The Treasurer should immediately commit to implementing all of the recommendations of the Senate inquiry, the first of which is to ‘commit to guaranteeing reasonable access to cash and financial services for all Australians’.”
