It's a Thursday morning in late September. In the quaint town of Yarram, in Victoria's South Gippsland region, the local cafe in the middle of the main street is doing a roaring trade.
"Last day," an elderly woman says to the woman behind the cash register with a nod. "Last day," she says back with a laugh.
Yarram may have a population of just over 2000 people, and one that is significantly older than the national average, but as the vibrant main street shows, this is far from a dying town.
But from tomorrow, there will be no more banking in Yarram, and no more banks. It's the end of a critical service that many residents depend on. The Bendigo Bank branch, which is usually open until 4pm, will shut at midday for the very last time. They couldn't even see out the day.
Closing notice at the Bendigo Bank branch in Yarram.
Sad day for the town
At 9:30am, the Bendigo Bank opens and a steady stream of customers begin rolling in to the branch. Most are older folks, but there are people of all ages.
Kyle, in his 30s, has a scruffy beard and wears a flannelette shirt and beanie. Coming out of the branch for what will be the final time, he says he has mixed feelings.
"Bendigo said they would stand by us when the other banks left, then they kind of betrayed us by all of a sudden saying they are going to shut down," he says.
"People need a face-to-face (bank) and we have an ageing population in this town, like a lot of small towns, and this is just another layer of services that are being taken away from us.
"There is this trend of removing services from the small rural towns and forcing people to centralise in the rural centres and cities," Kyle says.
Jenny, who is also coming out of the bank, says it's a sad day for the town, but especially for the staff who work at the branch.
Jenny is concerned about older residents who can't easily travel to other towns to the nearest bank.
"When I first moved here we had four banks. So I really can't understand why we can't have one bank doing all the business and helping out the people of our town," she says.
"I feel for the older people who can't get to Traralgon or Sale to do their banking," says Jenny.
These are the nearest towns with major bank branches are are 64 and 72 kilometres away respectively.
A man rides past on a bike, stopping for a moment to read the sign posted to the glass sliding doors of the bank. "Better get in quick, this says they are closing," he yells over to me. "Sign of the times I guess, everything's gone to the computers."
CHOICE visited Yarram residents on Bendigo Bank's last day.
Gaps in the moratorium
According to the federal government, 36% of regional bank branches across Australia have closed since 2017.
In February this year, a moratorium on regional branch closures was announced by the so-called 'Big Four Banks' with Commonwealth, ANZ, NAB and Westpac promising no more regional branch closures until the end of July 2027.
"Banks have a responsibility to regional communities and we're holding them to it. We are making sure bank branches stay open in the bush," Treasurer Jim Chalmers said at the time.
36% of regional bank branches across Australia have closed since 2017
But the moratorium didn't include smaller banks, such as Bendigo Bank, which announced in July they would be closing 10 branches across Victoria, Queensland and Tasmania.
At the Yarram Progress Association office, just across the road from the bank, vice president Kevin Mackin says that when senior managers from Bendigo Bank came to town to 'consult', there was little that was constructive about the meeting.
"We came to the meeting wanting to solve a problem, which is how do we have banking services in Yarram. They came to the meeting to tell us they were leaving and that was it. They weren't willing to explore other options – shorter hours options, smaller branch options, community bank options – everywhere we went trying to provide a solution was just a shut door," he says.
A spokesperson for the bank says the decision to close the branch and ATM came following a review of customer preferences, a reduction in business activity and an increase in costs.
"Bendigo Bank is proud of its regional heritage and operates Australia's second largest regional branch network," it told CHOICE. "Bendigo Bank maintains more branches per customer than any other Australian bank."
Kevin Mackin from the Yarram Progress Association.
Worries for the future
David Phelan is a 73-year-old stock and land broker who says he was proudly born and bred in Yarram. He has been fighting to make sure banking remains viable in the town.
"Commonwealth were the last ones to leave in 2021. When the Commonwealth left, I told the community the best thing we could do was go to the Bendigo, because if we all went to the Bendigo they couldn't possibly close. However, they've chosen to close and made a liar out of me," he says.
If you don't have a bank, you lose your vibrancy out of your main street
David Phelan, Yarram resident
David has been having meetings with major and smaller banks trying to entice them to the town. He says while the community is strong, he worries for the future.
"All of a sudden if you don't have a bank, you lose your vibrancy out of your main street. If you need to go to Traralgon to do your banking, what's the next thing you buy? A bit of groceries, instead of shopping in Yarram. It does not help little towns," he says.
"The banks have tried to push everyone to electronic banking and it doesn't suit everybody. I feel for the older people in the town, they've never been brought up with computers and everything and they like to go into the bank and withdraw their pension. They trust the bank tellers to do the right thing," David adds.
David Phelan is worried for the town's future.
One last trip to the bank
A few doors down from the bank, a red sign outside the Australia Post office informs customers they can deposit and withdraw cash there.
However, Kevin from the Yarram Progress Association, says the services being offered by Bank@Post won't fulfill the town's full banking needs.
"Trust is really important in a banking relationship and a lot of our people believe they have a good relationship with the people in the bank. They trust them. That trust won't transfer to another operation very easily," he says.
Getting up and walking out onto the footpath, Kevin looks out over at the Bendigo branch. His anger is palpable.
Kevin Mackin says Bendigo Bank has let the community down.
"I believed all the marketing about being 'The Better Big Bank'," he says, referring to their advertising slogan.
"I thought and believed they had a real sense of being a community bank and the sense that they were contributing to Australia, but I don't think that has been demonstrated in the way they've treated Yarram. They aren't 'The Better Big Bank', they are worse than any of the banks I've dealt with."
Out on the street, an elderly couple approach the Bendigo ATM. It's 11:47am and the branch is about to close. After several minutes trying to work out how to use the machine, the man gives up frustrated and makes his way through the sliding doors into the bank.
At 11:53am Yarram's last banking customer emerges from the branch, clutching a few $50 notes and quickly putting them away in his wallet before walking down the street. Before the doors slide shut. And lock.
Photos and video by Jarni Blakkarly
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