The Bank of Queensland (BOQ) has come under criticism for its decision to close 14 branches across Australia, including its Elanora branch in Queensland. The closures, slated to occur between February 19 and February 27, have drawn sharp criticism from union members, customers, and community advocates who argue the move abandons local communities in favour of profit-driven digitalisation.
The Elanora branch’s closure, scheduled to close by February 27, will leave residents and small businesses in the area scrambling to adapt to the loss of in-person banking services. Critics argue that BOQ’s decision to shut branches like Elanora disproportionately affects vulnerable customers, including elderly residents and those without reliable access to digital banking tools.
Union representatives have labelled the closures “despicable,” accusing BOQ of prioritising cost-cutting measures over its duty to provide equitable services to all Australians. The decision to shut down Elanora and other branches comes on the heels of BOQ’s earlier announcement to axe 400 jobs across the country, adding to concerns about the bank’s long-term commitment to its employees and communities.
For residents of Elanora, the closure will mark the end of a trusted local service that has been a vital part of the community. While BOQ has stated that most affected staff will transition to other roles within the organisation, the upheaval caused by these closures has sparked outrage among customers. Many argue that digital banking cannot fully replace the personalised service and financial security provided by brick-and-mortar branches.
BOQ justified the closures by citing the growing preference among customers for online and mobile banking. However, this explanation has done little to ease frustrations, with customers and advocates pointing out that digital solutions often fail to meet the needs of customers who rely on face-to-face interactions for complex banking tasks, especially those more vulnerable customers.
The bank will be shutting down six branches in Queensland, including Elanora, Caloundra, Carindale, Sherwood, Springwood, and Toowong. Branches in Victoria, New South Wales, and Western Australia will also be closed as part of the move. Since 2023, BOQ has closed nine branches, signalling a trend that leaves many Australians questioning whether in-person banking services are becoming a thing of the past.
The closures come at a time when Australian banks are facing increased scrutiny over their treatment of customers and employees. Community members in Elanora and beyond are calling on BOQ to reconsider its approach and maintain its commitment to the people who rely on its services.
For Elanora residents, the looming closure is a harsh reminder of how the banking sector’s focus on digitalisation risks leaving communities behind. The loss of a physical branch not only disrupts customers’ access to essential services but also represents a blow to the local small business’s who rely on a branch for conducting business.
