Banking ‘Bullies’ Leave Vulnerable People Open to Scams

Major banks are “bullies” who are abandoning rural communities and leaving vulnerable customers at risk of financial scams, a Senate inquiry has been told. Nearly 800 bank branches have closed in regional and rural Australia since June 2017, according to data from the Australian Prudential Regulation Authority (APRA). A long-running inquiry is examining the effect of closures on rural towns and considering possible mandates to keep a minimum number of country branches open. When a bank shuts, customers are usually directed to a local post office for limited cash services through Bank@Post. Australia Post has told the inquiry there are about 1150 rural communities with post offices, but no banks. ...