PHOTO: Taranaki Savings Bank (TSB) realestate.co.nz
Opunake’s business community is expressing its dismay over the impending closure of the town’s sole bank, yet TSB remains resolute in its decision to shut down the branch, citing insufficient usage as the rationale.
The Taranaki-based bank, slated to close its doors in Opunake and Eltham on September 28, along with five other branches across New Zealand, has asserted that the prevalence of online banking has significantly reduced the need for in-person banking services.
Despite this reasoning, Raewyn Cornford, Chair of the Opunake and Districts Business Association, who orchestrated a meeting with bank representatives on Monday, feels that the bank is deserting the community. She emphasized, “We truly depend on the bank, especially for our more vulnerable and elderly residents who lack internet access.” Concerns among local businesses, including three establishments with gaming machines and a supermarket, revolve around the security risks associated with transporting cash to and from an out-of-town bank.
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Retailers are apprehensive that individuals compelled to journey outside of town for banking purposes may also divert their shopping elsewhere. Notably, Opunake is situated more than 42 kilometers away from the nearest banks in Stratford or Hāwera, and 62 kilometers from New Plymouth.
Jarrah Edge, owner of the Sugar Juice Cafe, asserted that 31 businesses rely on the bank for obtaining change, especially during the bustling summer months. He expressed concerns about security, remarking, “All business premises will have cash on hand, which makes them vulnerable. Criminals may take advantage of this situation. What about our safety when we have to travel to Hāwera to deposit our earnings and obtain change?”
Gordon Davidson, the Acting Chief Executive of TSB Bank, disclosed that 92% of customers conduct their banking activities online, with only 8% utilizing the physical branches. He stated, “We possess a substantial dataset and have identified all customers who visited the branches and conducted transactions. We contacted 2000 people across all branches, including 279 in Opunake, and have received feedback from those directly affected.”
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He further explained that the closure of the branch part-time was not supported by the same statistical data. Additionally, the bank closely monitored the amounts of cash being deposited at the branch as part of its decision-making process.
SOURCE: STUFF