The Australian Banking Association (ABA) has released a Bank Branch Closure Support Protocol in response to several recommendations of the Regional Banking Taskforce Inquiry.
The Protocol sets out the minimum standards for customer support that banks should provide when closing a branch.
From 1 July 2023, ABA member banks will need to:
- prepare and publish Branch Closure Impact Assessments (where a decision is made to close a branch) to help customers and the community understand the reasons for the closure decision
- meet new notification requirements around bank closures
- meet minimum customer support requirements where they close a branch (and the distance to the next branch is 10km away, rather than the current threshold of 20km)
- adhere to a new Customer Care Standard which will require banks to:
– make customers aware of other banking options when a branch closes
– support customers to transition to Bank@Post services (for customers of participating banks) where the customer prefers face-to-face banking services
– support customers (including older people, people with a disability, First Nations customers and those with limited English – who may require additional assistance to transition to other banking options (eg digital banking options)
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
