ANZ Bank - informed me that they will be closing the Newtown NSW Branch - and pushing people into their hideously managed branch at Marrickville Metro instead.
First thought is: Haven't they made enough profit to keep the branch where it used to be for the last 20+ years.
Second thought is: Closing my accounts with them as I don't want to be inconvenienced by this change, clearly driven by profit.
Anyone else affected ?
I'm not affected, but I would be interested in what types of financial transactions you are undertaking that requires you to physically visit a bank branch?
In my circumstances, I can't remember the last time I visited a branch; maybe 3 years ago.
Don't bank with ANZ, but I haven't been inside a physical branch in years and years. If they can close a branch, save money, and put off increasing fees for a little bit, I say go for it.
Inconvenienced? Using a branch at all is the real inconvenience. You line up behind a stack of old people doing BPAY transactions they could do elsewhere. I used the Newtown branch once. And already left for ING, which don't even have them. No big deal.
Not affected as I'm not with ANZ, but obvious idea is that the use of branches is decreasing for online services, which is likely not only being taken up more but preferred from a bank perspective (them hoping that people will go online because the closest branch is far).
In saying that though, I wonder if its going to affect ANZ more then they expect, a lot of people have a preference for bigger banks as they have a physical presence (whether they use it or not), with that reducing, it makes ANZ no better then other online only banks which I assume may make people switch.
It was inevitable that the banks would start shutting up physical locations where possible.
Why pay hundreds of thousands in rent annually for a bricks and mortar location, quarter million in salaries and tens of thousands in security expenses for each store when you can consolidate and centralise customer service for a fraction of the cost.
ING seems to be doing good without physical branches.
a related question would be, as a customer, what would make the process smoother for you if the bank has to close that particular branch?
King St is prime retail real estate. The landlord is probably charging them a fortune. I'm shocked it's lasted this long, considering how little foot traffic they get. A street-side ATM will suffice for 90% of physical 'banking' (withdrawal, deposit, chequing), so the Metro location can handle everything else.
clearly , you haven't been doing much business in the Marrickville Metro branch,if you think they can handle everything else …just saying
I don't bank with ANZ, but Metro is my closest RTA/RMA, and there's no reason why that branch can't handle non-ATM tasks. Maybe they'll merge staff.
Who goes into a branch these days? I haven't been to a branch in at least 10 years.