AusPost terminates banking partnership with ANZ

ANZ has advised its customers that Australia Post has issued a notice to terminate an agreement that has allowed ANZ customers to conduct basic banking transactions in post offices since 2015.

Under the existing contract, ANZ customers will continue to have access to Bank@Post services for the next three months.

ANZ noted that it currently has approximately 900 small business customers nationally who use the Bank@Post service on a regular basis and do not have a branch within 20 kilometres of their local post office.

ANZ general manager, retail distribution network, Paul Presland said that the bank was “disappointed” with Australia Post’s decision but noted that there was currently no change for customers using Australia Post to conduct basic banking transactions.

“We have been committed to fair and proportionate compensation for the service and will continue discussions with the hope of resolving the matter quickly,” Mr Presland said.

“At this stage, we have unfortunately been unable to come to a new agreement that is reasonable for both organisations.

“We will also assess options to look after our relatively small number of customers who frequently use the service where ANZ does not have a branch nearby.”

However, Australia Post group CEO and managing director Christine Holgate said that she was disappointed that ANZ failed to commit to its Bank@Post agreement, but she said that it would offer ANZ a new contract.

Ms Holgate said that the new contract would have a “different Community Representation Fee to be paid annually, coupled with revised transaction costs”.

“The fee is essential as Australia Post needs to make the investments in the service to ensure both our people and service are safe. With no long-term commitment from ANZ, it is critical they contribute to the investment required,” Ms Holgate said.

“We have had a long and successful relationship with ANZ for many years, with 6,000 ANZ customers, many of whom are small businesses, using this growing service every day across 99 per cent of our post office network. I remain hopeful that we will find a positive way forward together soon.”

Westpac, NAB renew agreements

Following the Commonwealth Bank’s (CBA) announcement last week, Westpac and NAB have announced that they renewed their Bank@Post agreements with Australia Post.

It has been announced that Westpac and NAB have both given multi-year commitments to partner with Australia Post.

The agreements include a new Community Representation Fee of $22 million per annum, as well as revised transaction fees that Australia Post has said would enable critical investment in the post office network.

“This additional funding will enable us to invest in the post office network so that we can provide safe, reliable banking services; boost funding to our Licensed Post Office partners; and, importantly, continue to support communities across Australia,” Ms Holgate added.

NAB chief customer officer, consumer banking, Mike Baird said: “We’re always looking for ways to be better for our customers, and to provide a range of options for them to do their banking — whether that’s in person, over the phone, at an ATM, or through digital channels.”

George Frazis, chief executive of Westpac Consumer Bank, added: “We are committed to providing quality services for our customers however they choose to bank, now and in the future.

“As part of this, we continually review our services to ensure they meet the changing needs of communities across Australia.

“We want to extend our partnership with Australia Post to provide our customers with more choice and flexibility with their banking.

“This will ensure our customers in regional and rural communities will continue to have access to over-the-counter banking services, like deposits, withdrawals and balance enquiries.”

Ms Holgate also said that Australia Post, along with CBA, Westpac and NAB, is considering additional services for small businesses, which may include coin floats and opening/closing accounts.

[Related: CBA and AusPost extend banking partnership]