2LT Local News

Business people in Portland, are up in arms over the pending closure of the Commonwealth Bank in the town.

It was announced last week the bank would close its doors in November just before Christmas, leaving the town of 2,500 population without a bank.

“It doesn’t make a lot of sense. Our beautiful town has sat quietly here for over 20 years since the Cement Works closed. In the last few years, we have seen some growth in and around Portland with new businesses and housing prices, and more recently the beginning of the long awaited development of the old Cement Works Site (now known as The Foundations). The future is looking very bright, and they make this decision,” Portland Business Association President Andrew Neville said Friday.

Portland is an ageing population and Mr Neville feels the Commonwealth Bank has a social responsibility to service that end of the market. “To expect Pensioners to make the 54 kilometres round trip to Lithgow to do more than their day-to-day panking services is unreasonable. A lot of them may not have access to a car or be able to drive themselves. Then to expect them to suddenly become internet banking customers when they may have had a passbook their whole life is unfair and perhaps unrealistic,” Neville said.

“It appears the Commonwealth Bank has drawn a line through the word “loyalty,” he added.

“By the Bank telling its customers that a trip to Lithgow is required for your investments and lending services, they are effectively telling Portland residents that you are now welcome to shop between the Big Four Banks and the Credit Unions. No longer do you need to feel bound by loyalty to the town’s only bank.”

The Finance Sector Union of Australia (FSU) says it is concerned about the numbers of bank branches being closed down by the Commonwealth Bank of Australia.

Finance Sector Union National Secretary Julia Angrisano earlier this year said communities around Australia were being abandoned by the CBA.

 “These closures will hit local communities hard and bank workers will be struggling to find other work in areas where jobs are scarce,” she said.

“Banking is an essential service, especially in regional communities and customers rely on their bank having a branch that they can access,” she said, adding that when a branch closes, it impacts on bank workers, local communities and regional economies.

“Instead of closing branches the Finance Sector Union is calling on the CBA to properly consult with its workers and communities about the future of its branch network before taking decisions to abandon branches.”

“Banks have an obligation to the communities that support them. The sheer number of closures says one thing about the CBA, that they care more about profits than people,” Ms Angrisano said.

“We believe the CBA should be concentrating on repairing its culture and standing in the community.”

“The restoration of trust and confidence that the banks badly need to address with the community is being compromised by the numbers of bank closures, particularly in regional Australia,” she said.

“It’s time for the CBA to repay the loyalty of its customers and workers by genuinely giving them a voice in the future of the branch network.”

The Portland Business Association is planning on not letting the Bank shut quietly.

“We understand the world we live in and what we are up against,” Mr Neville said,

“But we are not going to just lie down and let the bank go quietly. We are arranging a petition and a town meeting in which the Commonwealth Bank will be invited to attend. We are also exploring some other options.”

“What it does though, is open up a spot in the market for perhaps a Community Bank or Credit Union to offer its services to the town. We would welcome talking to a representative from either, about establishing a service in our town. At the moment there would be a lot of people lined up outside on opening day,” he said.

“Portland is still open for business and we are still confident about our future regardless of whether it’s with or without the Commonwealth Bank.”