The agency is one of 28 offices set to shut later this year due to declining transactions, expanding costs and regulatory requirements, and increased use of online banking.
Bendigo Bank chief customer officer consumer Taso Corolis said the decision was made based on customers’ changing needs.
“To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers,” he said.
“We understand it may take time for some customers to adjust to these changes, and we will support them through this. We are proactively supporting customers affected by the closures and will offer them assistance.”
More than 30 years ago, the bank’s agency network was established to offer limited banking services via third-party businesses in areas where demand was too low for a branch.
Bendigo Bank has operated an agency out of Murray River Council’s Mathoura Visitor and Business Centre for many years.
Following a review of evolving customer preferences, a reduction in business activity and an increase in costs and compliance obligations, the bank’s agency model will be retired.
Murray River Council Mayor John Harvie said while council was disappointed with the decision, it would continue to work with Bendigo Bank to support Mathoura customers.
“We will be working with Bendigo Bank to understand the transition process and to help ensure our community is aware of alternative banking options moving forward,” he said.
“We encourage residents to reach out to the bank to discuss their individual banking needs during this change.
“Overall, this is disappointing for everyone, with small towns once again copping the brunt of cost-cutting decisions.”
Council said it would continue to work with the bank to advocate for the ongoing delivery of its community support and sponsorship programs within the Mathoura community.
From October, the nearest Bendigo Bank to Mathoura will be 32km away in Deniliquin.
There will be no changes to how accounts operate, so customers do not need to take any action.
Customers can continue to transact as normal at any Bendigo Bank branch, ATM or at any time via internet banking, mobile app or by phone on 1300 236 344
Customers can also choose to bank in-person using Bank@Post at any of the 3500 Australia Post outlets across the country, with one at 19 Livingstone St, Mathoura.
For more information, customers can speak to Bendigo Bank staff at the Community Bank Tongala, or phone 5859 1401.
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