The Commonwealth Bank will close its Blackheath branch on October 12, leaving the town without a bank.
Resident John Collis was furious at the news.
“It’s supposed to be the people’s bank but it isn’t doing anything much for the people,” he said.
“I have been with them for 30 years. It now leaves no bank between Lithgow and Katoomba.”
Mr Collis had already been to the Family First Credit Union in Blackheath to open an account there, he said.
President of the Blackheath Chamber of Commerce, George Vergotis, said it was a “devastating loss” for Blackheath and surrounding districts.
“Mount Victoria, Medlow Bath and Megalong Valley – they all used Blackheath branch as their main bank. Then you have the elderly people with their mobility issues.
“It’s a classic case of corporate greed outweighing the needs of the community,” he said.
Simon Smith, from the Megalong Tearooms, was another customer who will have to go elsewhere.
“It’s a big town to have no bank at all,” he said.
“They work on the premise that the post office can take deposits but how long is the post office going to last?”
A bank spokeswoman said there had been a 39 per cent decline in transactions at the branch over the last five years. She apologised for “any inconvenience” caused but said the ATM would remain and referred customers to online banking or the post office.
All three ward 1 councillors were dismayed at the announcement.
Kevin Schreiber called it “outrageous”, particularly the lack of consultation with the community.
“To me it’s a real slap in the face for small business,” he said.
Don McGregor said local branches were “vital for pensioners, people with mobility problems and retailers who need to bank daily takings and access change”.
“It is becoming increasingly apparent with the banking royal commission that customer service runs a pretty poor second to the interests of wealthy shareholders.”
Kerry Brown echoed Cr McGregor’s views on the royal commission but also said if locals moved to the credit union, Blackheath would lower its investment in fossil fuels because Family First doesn’t invest in oil and coal.
Federal Member for Macquarie, Susan Templeman, said she has raised her concerns about the Blackheath branch closure with the Commonwealth Bank.
“While I understand their commercial imperatives, I have reminded CBA of the important role their branches play in small communities, and told them I think it’s disappointing that they are closing,” she said.
“I recently met with Family First Credit Union, which is based in Lithgow, and I think Blackheath is very fortunate to have an existing credit union branch that offers full retail services to the community.
“I have also expressed the view to CBA that I would like to see their remaining branches in the electorate stay open.”
The bank spokeswoman said she could not discuss the personal circumstances of staff but it is understood the Blackheath employees will all be made redundant.
This is the second Commonwealth Bank closure in recent months in the Mountains, with the Blaxland branch shutting its doors on May 25, citing a 43 per cent drop in over-the-counter transactions in the past five years.
