Regional banking secured at Australia Post
Regional communities will still be able to do most of their banking at Australia Post branches across the country after the agency penned new 10-year agreements with two of the major banks.
While Commonwealth Bank of Australia and National Australia Bank customers now have certainty, Westpac customers are only guaranteed service for another year.
Australian Post said in a statement:
"Westpac and Australia Post have commenced negotiations around a possible new longer agreement.”
NAB tweeted on Wednesday:
“We’ve renewed our partnership with Australia Post to provide face-to-face banking services – you’ll find at over 3500 participating post offices, where you can do your day-to-day banking.”
Commonwealth Bank also took to Twitter to advise customers of the outcome:
“We’ve renewed our 110 year partnership with Australia Post for another decade, so our customers across Australia can continue to have access to over-the-counter banking services in addition to Australia’s largest branch network.”
The government-owned enterprise's Bank Post service is available at more than 3500 local post offices. Regional communities and small businesses benefit from Bank Post as a substitute for the level of bank branch services enjoyed by their metropolitan counterparts.
Australia Post said the CBA and NAB deals would also support thousands of licensed post offices and their owners, many of whom are small businesses and families servicing local communities.
AusPost Community and Consumer General Manager Nicole Sheffield said:
"Our post offices also play a critical role during natural disasters, emergencies and more recently through the COVID-19 pandemic, with access to products and services through lockdowns and travel restrictions.”