The long-term economic prospects of Forbes are still positive according to Forbes Business Chamber president Brett Rout, despite the ANZ bank confirming it will close its branch there.
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The doors will shut at the branch on Lachlan Street for the last time on Tuesday, May 15, forcing customers to travel to Parkes or change banks to access some services.
However Mr Rout said he didn’t think it was a sign that Forbes was struggling or a downturn was coming.
“It’s never good when a business leaves but business is quite strong in Forbes and I don’t think it will hurt things too much,” he said.
“They have made that commercial decision, and it’s hard to comment on why, but I think it’s a sign of the times. Banks are looking to close their in-store branches in smaller towns.”
ANZ’s general manager NSW and ACT Amanda Heath-Ogden said customers were changing their banking habits, using ATMS and internet banking rather than branches.
“Of customers who use our Forbes branch, 12 per cent of them currently use the branch with 61 per cent of them preferring internet or mobile banking,” Ms Heath-Ogden said.
“And over-the-counter transactions have fallen 25 per cent at the branch over the past four years.”
“We have been responding to this change by making sure we provide the services our customers use most and reconfiguring our branch network to focus on where demand is greatest.”
Mr Rout said the closure would be an inconvenience for local businesses, who couldn’t do all their banking via the internet, and elderly residents who may not be comfortable using online services.
Forbes is one of three branches the ANZ has announced will close, with Narromine and Temora also closing their doors in May. Meanwhile the NAB was shutting five branches including Grenfell, and the Commonwealth Bank will close its Rylstone branch.
The Financial Sector Union said it was concerned banks cared more about profits than people.
“Banking is an essential service, especially in regional communities – and customers rely on their bank having a branch that they can access,” Finance Sector Union National Secretary Julia Angrisano said.
“When a branch in an area like this closes, it hurts workers in areas where jobs are scarce, as well as the local community and its economy.”
Forbes will still have four banks in town, the Commonwealth Bank, St George, NAB and Westpac, as well as the Central West Credit Union and Rabobank.
