I just received an email from Australia Post regarding the banking services they provide for customers of many banks, credit unions and other financial institutions.
Obviously a fantastic service for the residents of the many small town which have few, if any, bank branches but do have a post office.
We got it as a letter in the mail. Our little bank-less, ATM-less town does their banking at the Post Office agency (part of the grocery shop). There’s no mail delivery so most people make the daily pilgrimage to collect mail from their PO boxes, and from the counter for those who missed out on the limited number of PO boxes. They close for lunch and don’t open on weekends or public holidays.
It is marginally slower because you get whoever isn’t doing the shop to serve, so plenty of junior after school staff and casuals, but also regulars. Helps to know how to do your particular financial institution’s transaction because the vast number means they all do things differently. ie do a “paperless” transaction (despite having a deposit book) for one - a docket is printed, and the other needs the deposit slip run through a reader, two dockets printed and stapled to my book and their slip. Withdrawal is by card with the counter staff keying in your amount. There’s no fee. The elderly people appreciate having a person to interact with.
Notice ANZ pulled out of the deal earlier this year. The fee was about $4million pa. they were unwilling to pay.
ANZ has obviously learnt nothing from the Banking RC, and last week had a smack around their ears by the Kiwis.
Why would anyone want to bank with these type of self-serving grubs when even if you live way out in the boonies, you can still get a bank accout that Australia Post can provide you with banking services.