— Finance

NAB, Commonwealth Bank sign decade Australia Post banking services deal

Two of the nation’s biggest banks have signed new deals to ensure regional communities have face-to-face banking services for the next decade.

Two of Australia’s central banks have agreed to extend banking services within post offices for the next decade. Commonwealth Bank and National Australia Bank have signed agreements with Australia Post to ensure Bank@Post services will be offered at postal outlets for the next 10 years.

Westpac is also extending its commitment to the service for the next 12 months and negotiations with Australia Post for a longer-term partnership.

The scheme allows customers to conduct banking services at more than 3500 local post offices and is vital to many regional communities where bank branches have closed in recent years.

Customers can deposit or withdraw cash, make bill and credit card repayments and ask about cash balances. Withdrawal limits for NAB customers using Bank@Post have been increased from $2000 to $5000, while CBA customers can access $2000 and deposit up to $6000.

Australia Post executive Nicole Sheffield said the deal ensured smaller communities would have access to banking services in the future. “The support of CBA and NAB will ensure access to banking services for those communities can be maintained, and additional related services introduced to better support the needs of banking customers for the next decade,” Ms. Sheffield said.

“The agreements will also allow us to invest further in our post office network, recognizing the valuable role our people play in supporting communities across the country.”

CBA said the agreement would ensure the country’s largest retail bank would still have face-to-face services in regional communities and was an additional investment on top of its $50m a year spending on new branches and refurbishments.

“We know that some customers want face-to-face banking services, and this partnership with Australia Post supports our commitment to ensuring our customers in regional Australia have ongoing access to these services at the 3500 Bank@Post outlets across the country,” CBA retail executive Angus Sullivan said.

“We have a strong relationship with Australia Post and investing multi-millions of dollars each year for a decade in the capability, technology, and security of Bank@Post outlets builds on our priority to re-imagine services and ensure our customers can continue to bank easily, safely, and securely whenever they visit a participating Australia Post outlet.”

NAB personal banking executive Rachel Slade said the arrangement was vital for rural and regional customers to still have face-to-face services as an option. She also noted the deal enabled the bank to align with how customers were using banking products.

“Around 260,000 NAB customers currently use NAB Bank@Post. It helps us to provide access to banking services in more locations and adds convenience for our customers,” Ms. Slade said.

“This renewed partnership provides certainty for our customers, knowing that for at least the next 10 years, they will have access to essential banking services through this national network of post offices.”

Gemma Broadhurst
Gemma Broadhurst is a 23-year-old computing student who enjoys extreme ironing, hockey and duck herding. She is kind and entertaining, but can also be very standoffish and a bit evil.She is an Australian Christian. She is currently at college. studying computing. She is allergic to milk. She has a severe phobia of chickens

Leave a Reply