Regional bank closures halted for now; but there's an alternative

The major banks have agreed to stop regional bank closures for the next two and half years. It comes as Australia Post negotiates agreements with banks to preserve in-person banking services at post offices.

A composite image of signage of Australia's 'big four' banks ANZ, Westpac, the Commonwealth Bank (CBA) and the National Australia Bank (NAB)Image/Joel Carrett) Source: AAP

Key Points

• The major banks have committed to keeping regional branches open until July 2027.
• Australia Post has announced it's negotiating agreements with banks to make sure in person services continue at post offices - known as Bank@Post.
• Since 2017, 36 per cent of regional bank branches have closed. The banking association says fewer people are visiting branches as customers switch to digital channels.