Shire of Waroona pulls deposits from NAB as potential for return of Bendigo Bank explored

A Peel council has confirmed it has pulled its deposits from a big four bank after its closed its branch in the community The Shire of Waroona withdrew its funds from the National Australia Bank earlier this month as it prepared to permanently shut the doors on the town’s last remaining bank. Shire president Mike Walmsley confirmed the move on Friday, a week after the tellers closed for the last time. He expected others would follow suit. “If the bank is not willing to invest in the community, why should we invest with them,” Cr Walmsley said. NAB announced the branch closure in October, forcing customers to travel at least 46km to the Mandurah branch for their banking needs. But the bank is hoping to keep an ATM within the town, which is expected to remain at the ex-branch location until at least June. The company is understood to be working with the council on finding an alternative site within the town. A working group set up by the Shire of Waroona following NAB’s announcement of its branch closure is continuing its investigations into the future direction of banking services within the town. One of the options being investigated is the reintroduction of Bendigo Bank to the town through its community-owned banking model. Pinjarra’s only remaining bank branch is operated through the system, with the business handing out nearly $70,000 in grants in the 2022-23 financial year. Cr Walmsley said the return of full banking services to the town through Bendigo Bank could only happen if there is enough interest. “There’s quite a significant borrowing sheet needed from the community to make it viable,” he said. “It is an option and that is something the group are working on.” With the NAB branch officially closed, the company has been encouraging residents to use the Bank@Post service through the Waroona Post Office, which allows customers to deposit nearly $10,000 and withdraw up to $2000 a day. It is understood NAB has had a community banker working two half-days a week this month at the Millar Street business to help customers with the transition.