Torquay bank branch to permanently shut

THE rise of online and mobile banking has forced Torquay’s ANZ branch to close, according to the “big four” bank.

ANZ announced last week that it would be permanently closing its Gilbert Street store from April 7, with the nearest in-person branch soon to be located in Waurn Ponds and Geelong.

In an email, ANZ cited its announcement as a result of customers choosing the convenience of online banking and, to further support these preferences, the branch network would undergo major changes.

ANZ general manager for Victoria Cameron Home said branch transactions were declining by 10 per cent each year.

“Some customers prefer the convenience of doing their banking when it suits them and increasingly they are choosing to use our ANZ App and call centres.”

“We have written to customers in the Torquay region to inform them how they can continue to do their banking and we can discuss with them alternative banking methods, including online, telephone and mobile banking.”

The Torquay branch is just one of 19 ANZ community branches around Australia set to close, including six Victorian locations.

It comes after the big four bank already shut down 91 locations nationwide last year at a rate of almost two closures a week.

Despite banks being considered essential throughout the pandemic, it is believed costumers have grown more confident with online banking during this time.

“We remain committed to our customers in the Torquay area,” Mr Home said.

“We will have a specialist team available to work with individual customers to tailor banking solutions for them and to make this transition as simple as possible.”

ANZ customers will still have access to a ‘Smart ATM’ in Torquay, which can accept deposits and withdraw cash.

Westpac, Commonwealth and NAB will continue to operate out of their Torquay branches.