FEDERAL senators Matthew Canavan and Slade Brockman, along with the Shire of Waroona, have all expressed disappointment of another regional bank closure.
The National Australia Bank last week announced it would close its Waroona branch and shut down the local automatic teller machine.
While a senate inquiry into the effects of bank closures in regional communities takes place, the Waroona community has been the last casualty of what is a number of NAB branch closures.
The closure of the towns' only bank has been described by the senators as "cowardly".
"They've done this with little to no consultation with the community, and unlike the other big four banks, have not put a halt on their branch closures while we undertake our inquiry," said Mr Canavan, a Federal National Party senator for Queensland.
"The bank has made a decision that will negatively impact Waroona, and the surrounding area and it's becoming clearer that the banks are happy to spend millions of dollars on campaigns on the trendy social issues but aren't willing to ensure that a community maintains an essential service."
Waroona Shire president Mike Walmsley lamented the lack of consultation and said the decision carried "profound implications for residents, businesses and community vitality".
"The NAB is the only bank here and its closure will disproportionately affect our Shire's ageing population," Mr Walmsley said.
"These residents rely on the presence of a physical branch and personal interactions with bank tellers to manage their financial affairs securely."
A NAB spokesperson said when making a decision around a bank closure, it consulted with "NAB colleagues and leaders who work in and know the region" as well as customers and the community.
The spokesperson said in this instance, the Shire of Waroona, as well as State and Federal members, were informed one day before its customers.
The closure will not only affect NAB customers, but also the Shire which is a NAB customer.
NAB retail customer executive Kylie Sanders said the majority of its customers were using online banking, and half of its customers were only visiting the branch once a year.
"The decision to close a branch is never easy but the number of customers coming into branches to do their banking is dropping, with more than 93 percent of transactions across Australia taking place online," Ms Sanders said.
"Almost 90pc of our Waroona customers who are registered for online banking are active users of the mobile app and online banking."
Mr Walmsley said a lack of alternatives "worsened the blow" for the community.
The next nearest NAB branch is located 45 kilometres away in Mandurah.
Now the Waroona Post Office is the only location to use some banking services, however the Post Office has raised concerns about its capacity to meet the community's needs.
These banking services include cash and cheque deposits, withdrawals and coin changes or floats.
A NAB spokesperson said the bank has had an agreement with Australia Post for several years, and that almost a quarter of Waroona customers were already using the service, known as Bank@Post.
"The local team will be helping customers who need additional support with digital banking and also introducing them to their local Bank@Post service at Australia Post down the road on Millar Street," Ms Sanders said.
Mr Walmsley said many residents were NAB customers and removing the NAB ATM, in addition to the branch closure, would add to the financial burden of residents who will now face charges to withdraw money from alternative sources.
In response to news of the closure, the Shire implored NAB to reconsider the decision, taking into account the far-reaching consequences for residents, businesses and the community as a whole.
However, a spokesperson from NAB reinforced that the banks' decision to close the branch will not change.
"Time and again we have heard that banks only 'consult' after the final decision to close a branch has already been made - giving communities no chance to rally around these essential services," said Mr Brockman, a Federal Liberal Party senator for WA.
The inquiry into regional banking closures is due to report to the Senate in December 2023.
The Waroona branch will close on Friday November 17.
