What on earth is going on with Bankwest? Everything you need to know

Introduction

Have you heard the recent news about Bankwest? In shocking news to many of the trusted bank’s clients, it was announced last week that the branch was closing its physical branches across the state.

Bankwest was originally called the Agricultural Bank of Western Australia and was founded in 1895. For many years it has had physical banks across the state and was a stalwart in regional communities.

This week’s blog post will discuss what exactly happened, and what it means for you.

Body

The long and the short of the issue is, that forty-five Bankwest branches are being closed. Fifteen others will become Commonwealth Bank banks.

Ultimately, all storefronts will be gone by October and instead Bankwest will be online only. There will not be a single physical Bankwest bank in the entire nation.

There are a number of problems that this major closure may cause.

The closure of physical banks may prove a challenge for regional clients who struggle with internet coverage and mobile signal, and who also need to physically deposit or withdraw money.

Online banking may also prove a struggle for many elderly clients who may struggle with online and mobile banking technology, as well as for anyone who experiences app usage issues.

So, what does this mean for you?

If you have any loans with Bankwest and have any concerns about what the change to online means for you, please speak to your mortgage broker.

Furthermore, if you plan to refinance due to the change, it is also crucial to speak to a mortgage broker to make sure that you get the best deal possible.

Key points

• All Bankwest storefronts will either close or turn into Commonwealth Banks.
• Bankwest will still be available online.
• The changes may prove challenging for many Western Australians.
• If you have any concerns about the closures, please speak to your local mortgage broker.

Conclusion

In conclusion, while the closure will prove challenging for many West Aussies already doing it tough, it is possible to weather the storm with the support of a local mortgage broker.

If you have any questions or concerns, please get in touch with the friendly team at AA Finance Solutions for help and advice.