NAB cuts regional branch hours

ONE of the nation’s largest banks is slashing branch opening hours and encouraging people to use digital and phone services instead.

National Australia Bank has revealed 114 of its smaller regional banks will have their operating times drastically wound back.

It will see many branches shut at 12.30pm instead of typically closing later in the day, anywhere between 1.30pm and 5pm.

This will impact about one in five of NAB’s branches and the change will be made at locations across the country including NSW (38), Victoria (28), Queensland (25), WA (19) and SA (4).

NAB’s group executive of personal banking, Rachel Slade, said the way customers were interacting with banks was changing significantly.

“Our branches continue to be a really important part of many local communities, especially for local businesses,” she said. “Nobody is losing their jobs as a result of these reduced hours.”

The changes will begin from Monday, August 17.

NAB branches open at 9.30am on weekdays but their operating times vary depending on location with some branches open between three and five days a week.

The staff at these branches will instead be deployed to NAB’s call centre or work on the bank’s online chat service.

Ms Slade said the bank was “hoping to keep regional and rural branches open until at least January next year”.

The move has been made as a result of more customers moving to digital banking options, spurred on during the pandemic.

It is unclear whether NAB will go one step further and shut branches.

National Seniors Australia’s chief advocate, Ian Henschke, said 2.5 million Australians still don’t have access to the internet and many rely on going into bank branches.

“This is compromise which is far better than the alternative which is where we have seen banks shutting down branches and providing no service to the community,” he said.