Cash bolt from town Customer fury erupts after visit delivers news of ...

MARK Lacey has been left disappointed Bendigo Bank did not discuss or negotiate the future of its Pyramid Hill agency.

A visit by Bendigo Bank regional manager Shaun Leech last Thursday saw Mr Lacey given a letter ending the agreement he had to run the agency for the last seven years.

“Before that I was with the supermarket for 13 years when it included the bank,” Mr Lacey said.

“After the supermarket was sold, I decided to leave. The bank actually asked me to take on the agency.

“I borrowed money and established this business ... I’ve still got a year left to pay off the loan.”

Mr Lacey said the value of local bank accounts had tripled, bringing new customers into the network that saw him paid a commission by Bendigo Bank.

That commission was halved when interest rates were at historic lows. “With interest rates rising, I thought we would have been safe.”

Mr Lacey said he would have been prepared to negotiate with Bendigo Bank but was not given that opportunity.

“(A review) has confirmed a significant, and continued, decline in financial transactions, lending and new account openings, which impacts the face-toface operations and viability of our agency network,” said the letter handed to Mr Lacey.

Calivil’s Claire Hercus labelled the bank’s decision as “rubbish, really rubbish”.

Other customers hearing the news on Friday were equally ap- palled. “If you are making multiple millions in profit, how can you justify closing Pyramid Hill,” one said.

Claire said she had been caught in a potential credit card scam and was told on the phone by the nearest branch there would be a 48-hour wait to make necessary account updates.

“But Mark was able to do it straight away,” she said.

Sharolyn Chislett described the decision to close the Pyramid Hill agency on July 31 as destructive.

“They’ve shown no consideration for older people,” she said.

“The agency is one of the little things that makes the fabric of our community.”

Mr Lacey said the bank had not indicated it wanted the agency base to grow.

“The Filipino store will not be viable without the bank agency for my business,” he said.

“The decision means there are reasons for local people not to shop in town.

“We work together. We want to survive and keep things in town.”

The bank’s letter to Mr Lacey said: “Thank you for being a loyal and trusted partner.”

LESS and lower value transactions had forced a review of Bendigo Bank agencies.

A Bendigo Bank spokesperson told the Loddon Herald on Friday: “Bendigo Bank’s Agency model was established to supply limited banking services via third parties in areas where there was not enough demand to sustain a branch.

“The bank regularly reviews business and customer activity across its network so that it can invest in technology and meet the growing expectations and changing preferences of our customers and the community.

“As the number and value of over-the-counter transactions has fallen and more customers choose to do their banking online, the model has come under increasing pressure and has been placed under review.

“As part of this process the bank has begun reviewing agency agreements and engaging the Agency principals”.

Bendigo Bank did not respond to questions on whether a social-community impact assessment was made before the decision to close or whether it had considered transferring Pyramid Hill to a new or existing community bank. Other closures include Cohuna and Barham.

The bank currently has more than 500 branches and agencies. It Bendigo’s statutory net profit lifted 49.3 per cent to $249 million for the first half of the current financial year.