Sign Up
..... Australian Property Network. It's All About Property!
Categories

Posted: 2024-06-25 03:32:45

Australia's banking watchdog has publicly sanctioned Westpac over the bank's sudden branch closure in the isolated Northern Territory town of Tennant Creek. 

The disadvantaged town, about a 10-hour drive south of Darwin, is a key service hub for more than 6,000 people in the remote Barkly region. 

Many residents are Indigenous people who speak limited English and don't have bank cards, mobile phones or internet connection. 

In September 2022, hundreds of Westpac customers in Tennant Creek and surrounding remote communities were alarmed to find their local branch had closed without notice. 

While some customers adopted online banking or made the switch to ANZ, the sudden loss of face-to-face banking left many people unable to access their money.

Warumungu elder Norman Frank Jupurrurla said the impact of Westpac's branch closure was felt immediately.

"It was really hard for pensioners to get money ... and for people with no English and no school," he said. 

Norm Frank and his two daughters in their living room

Norman Frank says Westpac customers panicked when the branch closed. (ABC Alice Springs: Samantha Jonscher)

After a lengthy investigation, the Banking Code Compliance Committee (BCCC) has found Westpac breached its obligations in a "serious and systemic manner" over its sudden departure from Tennant Creek. 

"We have sanctioned Westpac by naming them and publishing details of their non-compliance on our website," the report said. 

View More
  • 0 Comment(s)
Captcha Challenge
Reload Image
Type in the verification code above