THE Commonwealth Bank of Australia has vowed it will close no more regional branches for at least three years.

Regional communities have for decades protested a swathe of branch closures from the big four banks, which led to a Senate inquiry.

The main concerns highlighted by the subsequent inquiry related to limitations of banking services available in regional, rural and remote communities, mortgage approvals and depositing large sums of cash, which both require in-person transactions.

Bank closures also force people to travel longer distances to receive the services they need, potentially with the next-nearest bank hundreds of kilometres away.

NSW Coalition leader Paul Toole said he had long advocated to keep banks local.

“We need our banks to stay open,” Mr Toole said.

“I have heard the outcry from locals and small businesses who rely on face-to-face support to complete their banking.
“I thank the Commonwealth Bank for its commitment to regional NSW,” he said.

“I hope other banks see this commitment from the CBA and follow in its footsteps.

“In regional NSW we have seen too many banks close their doors, putting profits ahead of customers and local jobs.”