BIG 3 To Support Australia Post To Service their Customers

And SHAME SHAME SHAME, ANZ SHAME, has refused to sign up with the BIG 3 to support the network, citing their customers don't need bank@post, on average they only need to travel 20 Kms or so to find a Branch!

If you bank with ANZ, time to move to a bank that supports you - which is not the ANZ!

Media Release_Bank@Post_181015.pdf

Well done NAB and Westpac, joining Comm Bank to ensure LPOs, and customers have access to a viable banking service across the nation.

And a huge vote of confidence, and congratulations, to Australia Post's CEO, Christine Holgate and her team, for having the strength to understand what was actually happening in the network, and getting this done. This is a game changer for LPOs.



Frankie's picture

That is really interesting. Our anz branch closed for 3 weeks to do renovations. Not only that, they closed at 1500 on the last day they were open. Had heaps of annoyed customers coming in. Admittedly they had found asbestos on the first floor but no arrangements were made other than closing or customers travelling to the next towns 60 and 100 kms away.

Basil's picture

The nearest ANZ bank branch to us is 240 klm's away. Not sure how ANZ can claim that on average their customers only need to travel 20 klm's or so. Many of my customers are with ANZ. If they pull out from AP, their customers will be the big losers.

LPOGroup's picture

maybe you should publish that on twitter to ANZ. Be interesting to see how they can pull that into their averages!
Biggles's picture

Done :)

westie's picture

Sadly, an entire suburb with a branch vastly outweighs a country town/regional city without one. Lies, damn lies, and statistics.

Hey Westie you can make statistics say just about anything so long as you put in the figures that give you the right answer in other words you select the answer first and then select the data that will prove it.

Could they still jump on board anytime now?

Sandgroper's picture

Ok, so we / AP have 70 odd financial institutions that use the bank@post service. If all the smaller ones paid an extra $1 million each per year (or a sliding scale as to the size of the financial institution) then this would add another $70 + million to the $22 million that each of the participating big 3 banks are paying. Now AP could really start to pay us a decent representation allowance to be there for not only Post but the banks customers. Don’t forget we all carry the risks when banking transactions go wrong or human error occurs. Also the more they promote bank@post the more we become a target for armed hold up etc.

LPOGroup's picture

Its on the cards, but also we can call on the government of the day to equal the bank payments and pay for the community service we provide on behalf of the government. That will be $200m and we will be moving into the range we have been looking for for 5 years. #Mitch2Match
colso's picture

If you stick your head in the oven and you feet in the fridge on average you should be comfortable. Nearest ANZ 80 Km away when they closed the the bank 30 Km away.

Interested to know how AP determined flat $22 million fee. Obviously not done on market value as CBA weighs in at about $140B while the others are $30-$40 billion less. Can understand why CBA so keen to sign if its a flat rate as they would see the other three having to pick up the slack. Even more interesting is why its not paid on a per transaction fee with a minimum base payment. Any talk of the 2nd and 3rd tier financial institutions being charged?

LPOGroup's picture

It is a flat rate access fee of $22m for access to the whole network and then transaction fees on top of that flat rate fee. And there is talks underway with the smaller banks to contribute some.

Thanks. that clears up a lot. Makes ANZ stance even more annoying as all their arguments centre on not having as many customers as the others but being charged the same. Pack of lies.

Godfather's picture

It didn’t receive a lot of mainstream media coverage but here is the link to the full media release yesterday from ANZ effectively confirming their stance that they won’t renew their Bank@Post arrangement