Yankalilla residents and visitors have major changes afoot for their banking, with the two major bank branches announcing the shutting down - and cutting down - of local services.

From Monday 13 January, the opening hours of the Bank SA branch at 97 Main Street - currently 9.30am to 4pm Monday to Thursday and 9.30am to 5pm Fridays - will change to 10am-2pm weekdays.

And on 6 May, the ANZ branch - also on Main Street - will shut down.

The decisions have been met with disappointment and anger from residents, the local council, and local MPs Rebekha Sharkie and Leon Bignell.

A spokesperson for Bank SA said, “This change in hours reflects reduced usage of the branch, as the popularity of digital banking channels such as mobile and internet banking increases".

Bank SA’s General Manager Retail Banking, Ben Owen, said that less than 2 per cent of customer transactions take place in branches.

“We believe the change in hours will achieve the right balance between reduced branch usage while still maintaining a daily presence for the convenience of our customers in Yankalilla.”

ANZ has also pointed to a slump in patronage of the branch and uptake in online banking as reasons for its own decision.

“As the digital economy continues to transform, we are seeing it in our business with many of our customers preferring to use online services,” says ANZ’s district manager for Riverland, South East and Fleurieu, Andrew Ferrier.

“Of customers who have Yankalilla as their home branch, 70 per cent prefer online and mobile banking. This compares to 14 per cent who use the branch.

“While the data shows a significant change in branch use, this was not an easy decision to make and we apologise for the inconvenience this will cause some customers.”

Neither bank is saying anything about local job losses at this stage, with ANZ saying “every effort is being made to find redeployment opportunities within the bank”.

According to BankSA, local teams will be offered “the flexibility to continue to work their current hours with a variety of work, including increasing proactive service calls to our customers”.  

ANZ advises business customers that its relationship bankers will continue to visit local businesses in their locations. The bank says it has written to its customers and it is hopeful that the closure period of about six months will allow time to work with them to find alternative ways to do their banking, including online, telephone and mobile banking. It plans to leave a Smart ATM in Yankalilla, which ANZ says allows customers to do both withdrawals and to make deposits of cheques and bank notes.

In the wake of the announcements, the District Council of Yankalilla has been working closely with Bendigo Community Bank to raise its presence in the district. The council advises residents seeking more information about Bendigo Community Bank to contact the bank directly or collect brochures located at the council’s Customer Service front counter.