BANK CLOSURE
A few weeks ago, BankSA announced the closure of the Westpac bank in Coober Pedy. The bank is anxious to make the transition as painless as possible. It will encourage the greater use of electronic banking and for those wishing to continue to do face to face banking an agency arrangement will be set up with the Post Office.
The Administrator and the Council CEO had a face-to-face meeting with the BankSA State Manager in Adelaide on 11 October 2022.
Unfortunately, bank closures are now common in regional Australia. While some politicians are making noises the likelihood of a short- or medium-term solution is remote.
One solution used elsewhere is to set up a community bank. They are owned by the customers.
Contact has been made with the community banking sector - Bendigo Bank and the Customer Owned Banking Association.
It would not be easy to establish a community bank in Coober Pedy. It would require approximately $100 million in business - mortgages, credit cards etc.
The last two attempts to establish community banks in Burra and Lobethal failed.
It is the Council’s intention to shortly call a public meeting to discuss the issue including as to whether there is an appetite to pursue the establishment of a community bank in Coober Pedy.