Second Geraldton bank branch set for closure as Bank of Queensland announces doors will shut next year

Another bank has announced it is shutting its doors in Geraldton next year, just weeks after Bankwest closed its Marine Terrace branch.

Bank of Queensland, also on Marine Terrace, is the latest bank to announce a branch closure in Geraldton, revealing it will close its facility on Thursday, January 16.

A BOQ spokesperson confirmed the news this week, saying the decision was made “after careful consideration”.

“We are committed to supporting our customers through this change,” he said.

“Customers can continue to manage their banking via our BOQ internet banking platform, customer contact centre, and the myBOQ app, and make fee-free transactions at certain ATMs throughout Australia.

“BOQ would also like to acknowledge and thank the local team for the service they have provided the Geraldton community.”

According to BOQ, the decision was made because of the increasing trend of customers shifting to digital platforms.

Data indicated more than 99 per cent of interactions were processed digitally, with the bank having a 47 per cent decrease in branch interactions over the four financial years between 2019 and 2023.

Geraldton customers’ accounts will be managed by the Joondalup branch following the closure.

City of Greater Geraldton mayor Jerry Clune said it was another bank closing because of a digital shift.

“It’s another one closed — two banks right on our main street, which is disappointing,” he said.

“We’ll be very sorry to see another shop closed. It seems to be the way of banking these days.

“They’re removing that personal touch with banking.”

Mr Clune denied calling it a trend, saying another bank had recently invested in the city.

“The National Bank (NAB) spent money refurbishing their premises in town,” he said.

“What gives in one hand is taken in another. It means less people will be working in the CBD, which is disappointing.”

BOQ will be the second bank to close its doors in Geraldton in the past six months, following Bankwest’s decision in March to shut up shop, with its doors closing late last month.

In all, 45 Bankwest shopfronts were closed across metropolitan and regional WA as the bank transitioned to a digital-only model.

It estimated less than 2 per cent of customers regularly banked in person, with the branch serving 22 customers a day on average before the closure.