Australia's banking watchdog has publicly sanctioned Westpac over the bank's sudden branch closure in the isolated Northern Territory town of Tennant Creek.
Australia's Banking Code Compliance Committee has found Westpac breached its obligations under the Banking Code of Practice when it closed its Tennant Creek branch in 2022.
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. Warumungu elder Norman Frank Jupurrurla said the impact of Westpac's branch closure was felt immediately. In a statement, BCCC chair Ian Govey said "the obligations set out in the code are crucial for protecting customers when a bank branch closes"."Their actions have had a significant and detrimental impact on many people within the Tennant Creek community."Kelly Gulliver, manager of CatholicCare NT's financial wellbeing and housing support programs, was on the frontline of managing the fallout of Westpac's closure.
"We're still seeing people every day who need help with their banking and have accounts with Westpac.""There was no notification given. The bank was open one day and virtually closed the next," he said.In a statement, Financial Counselling Australia chief executive Peter Gartlan said the BCCC's decision "sends a clear message to Westpac and other banks that there are clear procedures to follow when closing branches".
Banking Code Compliance Committee Norman Frank Kelly Gulliver Catholic Care Nt Westpac Tennant Creek
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