With no ‘white knight’’ on the horizon it appears as though many residents will close their Community Bank Rushworth and District accounts and complete their banking services at the Stanhope Licensed Post Office, with another financial institution.
Members of the Community Bank Rushworth and District were informed on March 1 that the agency, in Stanhope’s Birdwood Avenue, would be closing on May 29 and there would be no appealing the decision.
A public meeting of residents two weeks ago moved a motion to approach the Tongala and Mathoura Community Bank, with the aim of that organisation taking on the agency responsibility in Stanhope.
The board of Tongala and Mathoura Community Bank met last Wednesday and chair John Bentley informed Stanhope Development Committee’s Glenda Cowie immediately after that meeting they were unable to offer any support.
“Our plan B was to approach the Rochester and Elmore group (Lockmore Financial Services), but the indication we received is that the Bendigo Bank would not support that either,” development group committee member Mrs Cowie said.
She said if the head office of Bendigo Bank wasn’t prepared to support Tongala then there was no point going in that direction.
“John explained to me that his board would be putting some ideas in a letter that may help us,” a deflated Mrs Cowie said.
She said everyone had been preparing to transfer their banking to Tongala.
The next logical step for most residents, in order to keep their banking services in town, is to use the Australia Post LPO.
Stanhope LPO operators Steve and Megan Brown may have a significant increase in transactions if Mrs Cowie’s prediction of individuals and groups transferring their money to one of the “big banks’’ is correct.
The Free Press was unable to confirm the Stanhope LPO fee structure for banking services, with a variety of arrangements existing between the 80 banks and financial institutions that do business with Australia Post.
The Australia Post website does explain that cash and cheque deposits, withdrawals and balance enquiries are free at participating post offices, with the organisation’s key banking partners, Commonwealth, Westpac and NAB.
“I think many will pull their money out of Bendigo all together,” she said, citing the Bendigo Bank fees attached to Bank@post deposits and withdrawals.
Stanhope Development Committee has four accounts with the Community Bank and its future banking direction will be an agenda item at its next meeting on April 12.
Mrs Cowie said she was sure Stanhope people would love to support Stanhope post office.
“They could have a whole lot of business coming their way,” she said.
The situation puts sporting and community organisations in an awkward situation as severing ties with the Community Bank means future financial support will cease.
“The whole thing has been a bit deflating,” she said.
“In the past couple of years we have been working hard to keep it positive.”
Stanhope community helped to develop the walking trail between Girgarre and Stanhope, staged a Celebrate Stanhope Food and Wine Festival, continues to draw large crowds to its monthly markets and gained rave reviews for its hosting of the Melbourne Cup tour.
"Both the Girgarre and Stanhope development groups are working hard and people are prepared to support their towns,“ Mrs Cowie said.
She said the group was now planning to bring the matter to the attention of Member for Nicholls Sam Birrell and new state Member for Euroa Annabelle Cleeland.
“That will be our next step, to reach out to our members of parliament,” she said.
