Jan 27, 2005

Sydenham Commonwealth Bank closes its doors

Which Bank abandons its customers?

Which Bank doesn’t consult with the local community?

Which Bank is closing its branch in Sydenham?

MEDIA RELEASE – Anthony Albanese – 27 January 2005

Without consultation, the Commonwealth Bank announced the closure of the Sydenham branch on 25 January 2005, having already moved its customers’ accounts to Marrickville.

For the Sydenham, Tempe and St. Peters communities who rely on their local bank, this is a tough blow.

Many of the local customers need face to face banking – ATMs and Internet banking are not options for a vast majority of local residents.

Furthermore, it is not practical to ask customers from this area to walk to Marrickville or Enmore branches. Local businesses too will be saddled with additional cost when forced to travel to these branches.

Marrickville Mayor Morris Hanna, together with Kristina Keneally MP, Federal Member for Heffron, and Anthony all expressed their dismay at the closure, and rallied with constituents in protest.

Outside the Commonwealth Bank’s Sydenham branch on 26 January 2005, Mr Albanese said, "This closure is largely motivated by profit margins from a bank that has been making record profits."

Sadly, the loss of this branch is a loss to the whole community.