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The Commonwealth Bank has blamed the closure of its Gymea branch on a 39 per cent drop in transactions over the last five years.
The branch, which has operated at Gymea since at least the 1950s, closed on Friday, shocking many shoppers and shopkeepers, although regular customers were advised by the bank in preceding weeks.
Two ATMs won't be restored, the bank said.
Other bank branches in Sutherland Shire to close over the last year include Westpac at Sutherland and the ANZ at Cronulla.
Commonwealth Bank regional general manager Sydney, Irene Rowlands, said branch locations were reviewed regularly "to help us make informed decisions on where to open new branches, where to renovate or upgrade existing branches, and in some instances where to close branches that are not being visited as much as they once were".
"Following a recent review, we made the difficult decision to close our Gymea branch," she said.
"This branch has had a steady 39 per cent decline in transactions over the past five years, with customers increasingly choosing other banking channels such as our mobile, online and phone banking services.
"We understand some customers may be concerned, so during the six week transition period, our branch staff were on hand to help familiarise them with all the existing banking options available."
Ms Rowlands said closing a branch 'is never an easy decision".
"We only do so after careful consideration of customer demand and the availability of alternative services," she said.
"Our Miranda branch is 2.1 kilometres away and is available for customers as are our other nearby branches and ATMs at Sutherland, Caringbah and Sylvania.
"Customers can also access their accounts 24 hours a day through NetBank or the CommBank App.
"We are also available for general banking enquiries, through our locally-based contact centres on 13 22 21, every day between 6am and 10pm.
"The Australia Post outlet down the road at Unit 2, 5-7 Gymea Bay Road is also available for customers to conduct personal and business banking transactions such as withdrawals, deposits and bill payments including passbooks during normal business hours."
Secretary of the NSW branch of the Finance Sector Union of Australia, Rebecca Reilly, said the closure of any branch was concerning.
"Not only are employees and their families lives affected, so too is the local business activity in the affected location," she said.
"The [union] believes banking is an essential services and all Australians should have ready access to banking facilities.
"Banks need to understand that their social licence to operate depends on them sticking by the community.
"Australian taxpayers offered support to banks during the GFC (global financial crisis); banks should repay that support with a branch network guarantee."
Ms Reilly said it was "critically important that banks treat staff with fairness and dignity".
Earlier story - August 31, 2019
Many residents and shopkeepers are shocked at the closure of the Commonwealth Bank branch at Gymea.
The outlet, which occupied a prime site next to traffic lights in Gymea Bay Road, has been a cornerstone of the shopping village for as long as anyone can remember.
On Friday evening, a team of workers arrived and began dismantling the branch.
Two ATMs, which were used constantly, were also removed.
On Saturday, the doors and windows were shrouded with black plastic, with signs advising, "Our CommBank Gymea branch is now closed".
Customers were advised the nearest branches were at Miranda, Sutherland, Caringbah and Sylvania.
Shoppers interviewed by the Leader on Saturday said there was no warning of the impending closure, although some people said they had heard through word of mouth.
However, other residents said on the Leader Facebook page the bank had sent out letters, staff had been advising customers visiting the branch and a sign had been posted.
One reader replied that he had a business account at the branch and had not been advised.
Kay Humphries, who has been shopping in Gymea village for 25 years, said the closure of the branch would have a big impact on older customers.
"I know people who have banked here for 60 years," she said.
"I think it is very inconsiderate of the bank to treat people, who have supported them over many years, in this way.
"It will also take shoppers away from Gymea."
Liz Hughes said the removal of the ATMs would have a big effect.
Ms Hughes said a $2.50 fee applied to the only remaining ATM on the shopping strip, which was a considerable sum if a user wanted to withdraw only a small amount.
Shoppers would be more likely to go to other centres, she said.
The closure of the Gymea outlet is likely to lead to speculation about how long the Commonwealth Bank branch at Caringbah can survive given the effect of the No Stopping changes introduced on Kingsway this year.