But currently banks have no obligation to assist people who aren’t customers. It leaves people with nowhere to turn, and it’s just one of the many ways victims are hung out to dry. 

It wasn’t until March last year that the Australian Financial Complaints Authority (AFCA) even gained the power to investigate the role that banks play in allowing scammers to set up mule accounts to receive the ill-gotten gains.

Receiving banks have been central in the execution of scams from the beginning, yet even now a scammer can set up an account in another person’s name using only a stolen driver’s licence.

In 2024, we reported on the case of a family that had sent a total of $2.5 million to scammer accounts at Westpac, ANZ, Commonwealth Bank, and Bendigo Bank. None of these banks would assist the victims, and none faced any accountability for inadvertently allowing criminals to hijack their services.

In March this year, we reported the story of a woman whose identity had been used to set up accounts at Great Southern Bank. When she contacted the bank for assistance, she received very little.

The woman in this case lodged a complaint with AFCA, but the dispute resolution service couldn’t intervene because Great Southern Bank was legally prohibited from sharing bank account information with non-customers, even if the account had been set up by a scammer. 

AFCA gets new powers help scam victims

But times are changing. Starting on 31 March 2027, AFCA will be the sole body responsible for dealing with scam complaints, and it will have the jurisdiction to consider the role that banks, telcos and digital platforms play in failing to prevent them.

AFCA will theoretically be able to order banks to compensate victims if they played any role in the execution of a scam and were negligent in their duty to stop it.

The designation is part of the federal government’s still-evolving Scams Prevention Framework (SPF).

“We have significant experience handling complex complaints at scale, and we’ll be using that experience to build an effective and accessible service,” says AFCA acting chief executive officer and chief ombudsman Dr June Smith.

“They are increasingly sophisticated and they leave people facing devastating financial and emotional consequences,” she says.

AFCA’s Chief Scams Officer, David Lacey, says scams “are one of the most significant issues affecting consumers today”.

Under the Scams Prevention Framework, most banks, telcos and digital platforms operating in Australia will be required to become AFCA members and be bound to its rulings from 1 September this year.

“We recognise the complex nature of modern scams and the need for fair outcomes for victims and the organisations involved,” Lacey says.

What the Scams Prevention Framework won’t cover

Last year, scammers stole a collective $2.18 billion from Australians, and much of the thievery occurred by way of phone calls and text messages – but these won’t be covered under the SPF since they don’t meet the definition of digital platforms in the legislation.

The same goes for email service providers, dating apps, online marketplaces, app stores and gaming platforms, all of which are increasingly becoming fertile ground for scammers. ����Vlog pointed out these shortcomings to the federal government in a submission leading up to the finalisation of the SPF.

The potential damage is considerable. Australians lost $139 million to romance scams in 2025, for instance, many of which would have been perpetrated by online contacts not covered by the framework.

An AFCA spokesperson tells ����Vlog that the service is currently in the process of determining how it will deal with scam complaints under its SPF duties.

“Our priority now is building and designing the Scams Prevention Framework EDR [External Dispute Resolution], which will provide victims of scams an independent external dispute mechanism to consider each case and whether banks, telecommunications providers and digital platforms have met their obligations under the SPF codes,” the spokesperson says.

The extent to which the designated sectors will be held accountable, however, is a work in progress.

“These codes are currently subject to public consultation and remain unsettled. Nevertheless, AFCA remains supportive of reform, recognising that the current legislative frameworks available to scam victims are insufficient.”

The post Will AFCA’s new powers help scam victims get their money back? appeared first on ����Vlog.

After a series of cuts last year, Australia’s cash rate has been on the rise again in recent months, leading banks to be slightly more generous with the interest rates they pay on deposit accounts.

High-interest savings accounts may still not sound as appealing as some modern investments, but they’ve at least started to live up to their name in recent years.

Where rates on these products were previously languishing below 1%, they’re now hovering close to 6%.

With the money market showing some life, now could be a good time to revisit this long-time savings favourite and see which banks are offering the best rates. 

Luckily, we’ve filtered through the terms and conditions for you to find the best high-interest savings accounts worth considering.

On this page:

• What is a high-interest savings account?
• How do high-interest savings accounts work?
• Best high-interest savings accounts by base rate
• Best high-interest savings accounts by bonus rate
• Best of the big four: ANZ, CBA, NAB and Westpac
• How much does a high-interest savings account pay?
• High-interest account traps to be aware of

What is a high-interest savings account?

High-interest savings accounts are bank accounts that pay you a higher rate of interest on the money you put in them.

Because they offer higher rates than most other bank accounts, many of these products come with conditions, such as depositing a certain amount each month.

Like regular savings accounts, they’re also usually online and not connected with a credit or debit card, so it’s not as easy to dip into your savings.

In order to get one of these accounts, you’ll also often have to open an everyday spending or transaction account at the same bank, some of which may come with their own fees or conditions. Our list identifies which products require you to take this extra step.

Thankfully, most high-interest savings accounts don’t come with ongoing account-keeping, service or admin fees. In any case, we outline the fee situation for each of the best performing accounts (and their associated transaction accounts) in our list below.

How do high-interest savings accounts work?

The percentage figure you’ll see advertised alongside a high-interest savings account refers to the annual rate of interest you’ll be paid on the money you keep in that account.

Even though this figure represents an annual return, for each of the accounts listed here, interest is calculated daily (to account for some months having more days than others) and paid monthly.

Provided you’ve met any account conditions, interest will appear in your account after the month it was earned.

How to know where to put your savings

Before you go switching accounts to cash in on the higher rates, pause to consider the best way to make your savings count:

• When choosing which high-interest option to go for, don’t fall for teasers (i.e. accounts that offer generous introductory rates, but only for the first few months) or options with deposit or transaction conditions that you might find hard to meet.
• If you have debts owing to buy now, pay later (BNPL) services or credit cards, your first priority should be to pay them off before putting money aside for saving.
• If you’ve got a mortgage, a 100% offset account might be a better destination for your cash – keeping your money in an offset can help you reduce the amount of interest you’ll pay over the life of your loan.

Best high-interest savings accounts by base rate

These accounts offer the best ongoing annual interest rates without requiring you to make any regular deposits or transactions, or making you wait a certain amount of time before you can access your money.

Products with tiered rates (different interest rates for different parts of a deposit) are ranked by their lowest tier – that is, the initial rate they offer customers.

Any introductory rates (which usually only last for a few months) included with accounts are mentioned, but don’t factor into a product’s ranking. Accounts exclusively for children are not included.

(Last updated 17 June 2026)

Flex Saver (ANZ Plus) – 5.10%

On balances up to $5000.

• You’ll also have to open Everyday and Growth Saver accounts with the same provider.
• No ongoing account-keeping fees on this account or other accounts from the same provider.
• Exclusive to the ANZ Plus app and not accessible via ANZ’s standard online or branch banking.

GO Save (AMP Bank GO) – 5.10%

On balances up to $500,000.

• You’ll also have to open a linked transaction account with the same provider.
• No ongoing account-keeping fees on this account or the linked transaction account.
• Exclusive to the AMP Bank GO app and not accessible via AMP’s standard online or branch banking.

Flex Saver (Easy Street) – 5.05%

On balances up to $3 million.

• No ongoing account-keeping fees on this account, but you will have to pay a refundable $2 membership fee upon becoming a customer.

Easy Saver (Bankwest) – 5.00%

On balances up to $250,000.99. An introductory rate of 5.75% is available for the first four months.

• You’ll also have to open a linked transaction account with the same provider.
• No ongoing account-keeping fees on this account or the linked transaction account.

Savings Account (Macquarie) – 5.00% 

On balances up to $2 million. An introductory rate of 5.35% is available for the first four months on balances up to $250,000.

• You’ll also have to open a linked transaction account with the same provider.
• No ongoing account-keeping fees on this account or the linked transaction account.

Hello Saver (MyState Bank) – 5.00%

On balances up to $500,000. An introductory rate of 5.40% is available to new customers for the first four months.

• No ongoing account-keeping fees on this account.

Note: Some other banks, including Teachers Mutual, have accounts with base rates as high as those listed here, but we’ve chosen to leave them off this list because their products are only available to current and former workers in particular industries and their families.

Read more about how to save money:

5 steps to better, cheaper health insurance

How to manage your money when you travel

The cost saving measures that don’t work

How to compare superannuation funds

How to avoid cryptocurrency scams

Best high-interest savings accounts by bonus rate

Able to make a few concessions with your money without breaking your budget? These accounts top the savings rate market, but require depositors to make certain sized deposits and numbers of transactions in return.

Accounts exclusively for children or people employed in particular sectors, such as defence, are not included.

It’s important to know that if you can’t meet these conditions, the bank will only pay you a base rate of interest, which can be as low as 0.01%.

(Last updated 17 June 2026)

Life savings account (Westpac) – 5.75%

On balances up to $150,000.

• Conditions: Must be 18–40 years old. Grow your account balance (excluding interest earned) and make at least one deposit in a month, while maintaining a positive account balance. Hold a Westpac Choice transaction account and make at least twenty eligible, settled purchases with the card linked to this account every month.
• You’ll have to open a linked transaction account with the same provider.
• No ongoing account-keeping fees on this account.
• A $5 monthly account keeping fee applies to the Choice account, but is waived for some customers, including those under 41 and anyone who deposits at least $2000 in a month.

Smart Saver Under 25s Account (Newcastle Permanent) – 5.75% 

On balances up to $50,000.

• Conditions: Must be under 25 years old and living in NSW or Queensland. Grow your balance (excluding interest earned) and make no more than two withdrawals in a month, while maintaining a positive account balance.
• No ongoing account-keeping fees on this account.

Growth Saver (Move Bank) – 5.65%

On balances up to $25,000.

• Conditions: Deposit at least $200 and make no withdrawals in a month.
• No ongoing account-keeping fees on this account.

Future Saver Account (Bank of Queensland) – 5.60% 

On balances up to $50,000.

• Conditions: Must be 14–35 years old. Deposit at least $1000 into a linked Everyday Account (cash and cheques not included), and make five settled, eligible transactions with the card linked to your Everyday Account in a month.
• You’ll have to open a linked Everyday transaction account with the same provider.
• No ongoing account-keeping fees on this account or the linked transaction account.
• Exclusive to the myBOQ app and not accessible through BOQ’s standard online or branch banking.

Savings Maximiser (ING) – 5.50% 

On balances up to $100,000. Can only apply to one account.

• Conditions: Deposit at least $1000 into any personal ING account in your name and make at least five settled purchases with an ING debit or credit card in a month. The savings account must also have a higher closing balance than the previous month (excluding interest).
• You’ll have to open a linked transaction account with the same provider.
• No ongoing account-keeping fees on this account or the linked transaction account.

Why are some bank accounts only available via an app? 

You’ll notice several of the accounts listed above are only available through the relevant bank’s app and can’t be accessed via online banking on its website or in its branches. 

These institutions say they’re doing this in order to meet consumer demand for mobile banking, but an app-only approach can also help a bank’s bottom line.

ANZ has previously revealed that its costs to acquire and service customers are 45% and 35% cheaper, respectively, through ANZ Plus than other parts of its retail business.

Best of the big four: ANZ, CBA, NAB and Westpac

Australia’s major lenders have traditionally lagged behind newer and smaller banks on deposit returns, but they’re now offering competitive rates on some savings products.

They also rarely limit their interest rate offers to certain balance sizes, meaning they can be a good option if you’re looking to earn a return on a large deposit.

Here’s what you could be getting if you’re a customer at one of the big four:

(Last updated 17 June 2026)

ANZ

• ANZ Plus Flex Saver – 5.10%. See details above. 2.10% on any amount over $5000.
• ANZ Plus Growth Saver – 5.10%. Conditions: Grow your account balance by at least $100 (on top of any interest you receive) every month, otherwise it reverts to 0.10%. No ongoing account-keeping fees.
• Progress Saver – 3.75%. Conditions: Deposit at least $10 in one transaction in a month and make no withdrawals or transfers or incur any fees or charges, otherwise it reverts to 0.01%. No ongoing account-keeping fees.
• Online Saver – 1.35%. No ongoing account-keeping fees.

CBA

• GoalSaver – 5.00%. Conditions: Make at least one deposit and have a growing account balance in a month, excluding interest and bank-initiated transactions, otherwise it reverts to 0.25%. No ongoing account-keeping fees.
• NetBank Saver – 2.10%. 5.20% for the first five months on your first NetBank Saver account. No ongoing account-keeping fees.

NAB

• Reward Saver – 5.00%. Conditions: Make at least one deposit and no withdrawals in a month, otherwise it reverts to 0.01%. No ongoing account-keeping fees.
• iSaver – 1.65%. 5.25% for the first four months on balances up to $20 million if you haven’t held an iSaver account in the last 12 months. No ongoing account-keeping fees.

Westpac

• Life – 5.00%. Conditions: Make at least one deposit and have a growing account balance that doesn’t fall below $0 in a month, otherwise it reverts to 0.10%. 18–40 year olds with this account can earn 5.75% on balances up to $150,000 if they meet the previous criteria and make twenty eligible and settled purchases with a debit card linked to their Westpac Choice account. No ongoing account-keeping fees.
• eSaver – 1.25%. 5.25% for the first five months if opened online by sole applicants who have never held an eSaver account before. No ongoing account-keeping fees.

How much does a high-interest savings account pay?

If you had $1000 in an account and deposited $100 into it each week for a year, you would earn…

$45 in an account earning 1.25% interest

$126 in an account earning 3.50% interest

$181 in an account earning 5.00% interest

$184 in an account earning 5.10% interest

$199 in an account earning 5.50% interest

$209 in an account earning 5.75% interest

Source: Move bank

High-interest account traps to be aware of

As we’ve highlighted, some high-interest savings accounts come with a web of conditions and caveats. 

You should make sure you will be able to meet these requirements if you want to take advantage of the bonus rates these accounts offer. If you can’t, in many cases your rate will be slashed and end up being much lower than what you would be getting in a condition-free account.

Rate tease

‘Teaser’ accounts make a big show of offering high rates with no conditions – only to reveal in the fine print that holders will enjoy this introductory rate for just the first few months.

There are quite a few of these out there, so always look at the details of a deal before you park your cash and be prepared to move your savings elsewhere if you don’t want to be hit with a lower base rate.

����Vlog tip: Accounts with a short-term bonus rate can work for you if you need a place to leave your money for a short period of time, as they’re more flexible than a term deposit.

Balance limits 

Many of the most competitive accounts offer good rates, but limit them to balances up to a certain amount. For example, they may pay 5.10%, but only on balances up to $5000. 

Any amount of money above this will earn interest at a lower rate, or not at all. 

This is one aspect of the high-interest savings market where the big four come out better against smaller banks – larger institutions are less likely to have balance limits as part of their offers, making them an attractive option if you’re looking to deposit a large amount of money.

Minimum monthly deposits

Many accounts that offer a top-shelf rate will make you work for it, requiring you to make set monthly deposits into it or a linked transaction product.

For some banks, the bar for these contributions is as high as $1000, so getting wages or a salary paid into the account where they’re required could be the easiest way to meet these conditions.

No withdrawals and positive balances

These minimum-deposit conditions often come paired with a “growing balance” clause, which slashes your rate to next to nothing if you make a transfer and leave the account holding less money than the previous month. Others only provide bonus rates if you make no withdrawals at all.

If your account comes with these conditions, be prepared to leave your money untouched for a while if you want to reap some serious interest. 

Linked accounts and mandatory purchases

Quite a few of the best savings options currently on the market require you to have a transaction account with the bank you’re saving with.

In the age where you can set up a bank account online, this is a relatively simple task, but be aware that a linked transaction account may come with ongoing fees. You might also have to make a minimum number of purchases using the card linked to that account every month if you want to keep your rate up.

����Vlog tip: Make sure you only use this sort of account if you can fulfil its conditions without inconveniencing yourself or your budget.

Age limits and occupation eligibility

We’ve decided to overlook a few accounts that would have made it onto our list because their competitive rates are only available to children or teenagers. Always check you’re putting your money somewhere that’s age-appropriate.

We’ve also left off any accounts provided by banks who only offer their products to current and former workers in particular sectors (such as education or defence), their relatives or any apprentices, trainees or students.

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Earlier this year, ����Vlog submitted a Freedom of Information (FOI) request for any Systemic Issues Reports into “Commonwealth Bank’s conduct and cooperation or lack thereof, in ongoing or previous AFCA cases or investigations”. 

The Australian Financial Complaints Authority (AFCA) is the body responsible for handling customer complaints with banks and other financial institutions. 

We submitted our FOI request after speaking to a number of customers who had ongoing AFCA complaints about CBA, and who alleged the bank had failed to produce timely or complete documents to the complaints handling process. 

In August 2025, AFCA identified “systemic issues” relating to CBA and referred the matter to ASIC in a “Systemic Issues Report”. This was followed by an investigation which concluded in October that year. 

Access denied

In response to questions about complaint issues relating to CBA, AFCA tells us that, under its rules, all parties to a complaint, including financial firms, are required to comply with requests for information during the complaints process. 

“AFCA may take appropriate steps if information is not provided or is incomplete… Misconduct or breaches that affect more than one consumer may be investigated and reported to the relevant regulator by our Systemic Issues team,” a spokesperson says. 

AFCA is not subject to the Freedom of Information Act, but Systemic Issues Reports are routinely sent to ASIC, the statutory body that oversees them. 

ASIC told ����Vlog it had identified 13 documents relating to our FOI request for Systemic Issues Reports, but in late March decided to block access to eight documents, including the report itself, after hearing submissions from the bank as to why they should be kept secret. ASIC is required by law to consult with the bank. 

Five documents, which were emails between AFCA and ASIC were released to us in a redacted format, but access to the remaining eight documents were denied. 

ASIC justified the move to deny access primarily on two grounds, the first being that any disclosure may cause harm to the legitimate business interests of CBA. 

“The release of the material would or could reasonably be expected to unreasonably affect CBA in respect of its lawful business, commercial or financial affairs,” the ASIC FOI officer says. 

The second reason given was that any disclosure would make CBA less likely to provide information to ASIC in the future. 

“It is also my view that persons or entities who provide information would or could reasonably be expected to be less transparent with the quantity or quality of information they provide to ASIC if they were aware that such information could be disclosed,” the ASIC FOI officer went on to say. 

Why is ASIC protecting commercial interests? 

����Vlog sent questions to ASIC asking why it was the regulator’s role to protect the commercial interests of CBA shareholders, especially following systemic issues being identified. We also asked why the regulator was fearful the bank may cease to provide information to ASIC in the future and whether the bank refusing ASIC information requests would be in breach of the law. 

ASIC says decisions relating to FOI requests are made by a specialist team and in accordance with obligations under the act. 

“Under FOI laws, information concerning the business affairs of an organisation that would or could reasonably be expected to unreasonably affect that organisation, or could prejudice the future supply of information to the Commonwealth or an agency, are conditionally exempt,” an ASIC spokesperson says. 

We also sent questions to CBA. The bank says they are committed to working with customers to resolve concerns fairly and as quickly as possible. 

“This includes matters that are referred to AFCA for independent review. CBA has detailed processes and procedures in place to support the provision of  documents in a timely manner to assist the AFCA process,” a spokesperson says. 

“When customers raise complaints with CBA, a significant proportion of these are closed within a day, and the vast majority of complaints are resolved within 30 days,” they add. 

Public accountability   

Clinton Free, a professor of accounting, governance and regulation at the University of Sydney Business School says it is “disappointing” to see the regulator not coming down on the side of public accountability. 

“Their role is to regulate the banks. Public trust in institutions, including banks is at alarming record lows, this sort of obfuscation and lack of accountability contributes to that,” he said. 

“Information about Australia’s largest bank and how they treat their customers and handle complaints should be in the public domain. Yes, the regulator faces a challenging line to walk, but it would seem on face value that this is in line with the public interest.” 

Free adds that banks face a long road to rebuilding trust following the Royal Commission and that the regulator also has a role to play in restoring public faith in its own ability to hold banks to account. 

“The Royal Commission gave rise to this view that banks avoid meaningful consequences and that did damage to regulators. I would have thought it would be in the regulators’ interest to not just act, but be seen to be transparent,” he says.  

Do you know more about this story? Contact ����Vlog Investigative Journalist Jarni Blakkarly at jblakkarly@choice.com.au 

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The Banking Code of Practice confers a duty on banks to be on the lookout for signs of financial elder abuse, which is a major problem in Australia. Most of the perpetrators are the grown children of the victims.

When a child of an elderly person asks them to act as guarantor for a loan and legal advice is not obtained, for instance, the code requires that the guarantee document is signed by the parent without the child present. The guarantor is also asked to consider what they’re getting into for three days before the agreement is finalised.

The Australian Banking Association (ABA) – the peak industry body representing banks – writes and publishes the code and has also instructed its members that they have a critical role to play in preventing financial abuse through power of attorney arrangements, where children take control of their parent’s financial assets. These legal instruments are all too easily weaponised against the parents who sign off on them.

But the problem with the Banking Code of Practice is that it’s strictly voluntary. The ABA encourages members – which includes all major banks and most smaller ones – to follow it. But there is no real punishment for those that don’t.

Elder financial abuse costing billions

Financial elder abuse can range from using a parent’s credit card for personal expenses to taking control of their home through psychological coercion, with many other examples in between.

The most common form is when the perpetrator (usually the victim’s child) pressures the older person into loaning them or giving them money or into signing over a home or other significant asset.

Another form of financial abuse might be when an adult child doesn’t honour an agreement to contribute to rent, food or aged care expenses.

According to a 2021 study conducted by the federal government’s Australian Institute of Family Studies, men and women over 65 experience financial abuse in roughly equal measure. It affects about 2% of this age group. The study found that this translated to between 67,500 and 100,100 senior Australians having experienced some form of financial abuse in the six months prior to the reporting period.

A large-scale 2024 Parliamentary inquiry into financial elder abuse found that banks should be on the forefront of preventing it. Its final report estimated that the social and financial costs run to several billion dollars every year.

And financial elder abuse is a growing problem. The latest Australian Bureau of Statistics numbers indicate there were 4.4 million Australians aged 65 or older as of 2022, a number that’s expected to more than double by mid-century.

In June 2024, Australia’s Age Discrimination Commissioner, Robert Fitzgerald, warned that lawmakers should take a fresh look at power of attorney arrangements.

“With the largest intergenerational wealth transfer in Australia expected to take place in the coming decades, urgent reform to enduring power of attorney laws is needed to prevent the financial abuse of older persons and make it easier for people to be educated about their rights and responsibilities under these documents,” Fitzgerald said.

Poor code compliance

The Banking Code of Practice may be voluntary, but once a bank signs up to it, they’re technically – but not legally – obligated to comply. The lack of legal enforcement is a critical factor. In February this year, the body tasked with making sure banks follow the code – the Banking Code Compliance Committee (BCCC) – reported that only 23 of 88 banks it reviewed have adequate information about financial elder abuse online or a dedicated webpage.

“Financial elder abuse frequently occurs out of sight, and many cases go unreported because people may feel ashamed, fearful, or may not even realise it is happening,” says BCCC chair Ian Govey.

“Clear, accessible information on the issue matters. It can help customers, carers, and the wider community understand risks, recognise concerns, and know where to seek help.”

The Customer Owned Banking Code Compliance Committee (COBCCC) also took part in the review, since its code of practice also calls for banks to be vigilant for signs of abuse.

Chair Danielle Press says financial elder abuse “is complex, and older Australians deserve meaningful protections that uphold their dignity and rights”. She also called for information and guidance to be “supported by robust internal systems, staff training, and procedures that enable banks to actively identify, prevent and respond to abuse”.

No banks named and shamed

But neither committee recommended banks be held accountable following the report. Instead, they “encouraged all banks to reflect on their current practices and consider ways to strengthen the protection and support they offer to older customers experiencing vulnerability”.

The BCCC doesn’t have the power to issue fines, but will call banks out publicly for serious breaches of the code and issue formal warnings.  Such ‘sanctions’, however, probably go unnoticed by most bank customers, unless they’re in the habit of reading BCCC announcements.

In July 2024, for instance, the BCCC sanctioned ANZ Bank for continuing to charge fees to people who had died, and for being aware of the issue but not taking action to stop it for a year.

In January 2025, it named and shamed Bank of Queensland for also overlooking the fact that the accounts they were charging fees to belonged to people who were no longer alive.

The 65 banks that lacked adequate information and guidance on how to spot and deal with financial elder abuse were not named in the BCCC report.

Abuse enabled by online banking

National Seniors Australia CEO Chris Grice tells ����Vlog that the transition to digital banking has made financial elder abuse easier to perpetrate.

“As the institutions where financial elder abuse can happen within their doors, banks do have a responsibility to help prevent elder abuse, though this doesn’t fall on their shoulders entirely,” Grice says.

“Financial elder abuse can also happen within people’s own homes and residential aged care settings, for example. This is one of the concerns with the loss of face-to-face banking services due to branch closures or the transition to ‘tellerless branches’ with only concierges to direct customers to ATMs.”

“Bank tellers are trained – and do an excellent job under challenging circumstances – to recognise signs of financial elder abuse, such as coerced signatures on loans. These signs are hard to identify online.”

CEO of the advocacy organisation Council on the Ageing Patricia Sparrow says “financial abuse is one of the most common and damaging forms that elder abuse can take. And while not limited to older people, we know it affects millions of Australians and costs the economy $11 billion a year. That scale alone is enough to drive stronger preventative action”.

“Banks and financial institutions have a clear responsibility to help stop this harm before it happens by identifying suspicious activity, responding to unauthorised transactions, strengthening account security and ensuring safe and independent access for older people to manage their money,” Sparrow says.

The personal and familial nature of financial elder abuse – the third most common form behind psychological abuse and neglect – makes it a particularly hurtful crime, says Chris Grice.

“As opposed to scams that are committed by strangers, financial abuse often involves a person in a position of trust coercing or forcing an older person to sign over assets or to change a will or power of attorney, stealing money or taking credit cards,” Grice says.

“Older people fall victim because they don’t expect a loved one to take advantage of them, can’t stop it, or are too embarrassed to seek help. It’s incredibly sad and financial loss in later life is particularly devastating.”

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This, however, is a cryptocurrency ATM, and it’s one of thousands popping up at petrol stations, tobacco shops, newsagents and convenience stores around Australia. 

In 2019 there were 23 crypto ATMs across Australia. Today there are more than 2000. Despite our relatively small population, Australia has the third-highest number of these machines in the world, behind only the United States and Canada. 

“They are very popular,” the owner of the newsagent says when asked about the machine. It’s owned by CoinFlip, a US-based company, which is one of four major operators of crypto ATMs in Australia.

They’re marketed as a harmless way to purchase bitcoin, tether, ether and other crypto currencies using cash, but authorities say scams facilitated by these machines are growing rapidly and there are calls for them to be banned altogether.

Boom time for crypto ATMs 

The Australian Transaction Reports and Analysis Centre (AUSTRAC), which is responsible for fighting criminal activity in the financial system, says crypto ATMs are being used for scams and fraud-related transactions at a rate that is “impossible to ignore”. 

“Crypto ATMs provide a fast, irreversible way for victims to send money to scammers,” AUSTRAC CEO Brendan Thomas says. 

“They’re easy to locate, often operating 24/7, and designed for quick cash transactions with no human intervention, making them highly attractive to criminals.” 

Claude Von Arx, a senior financial counsellor at the Consumer Action Law Centre in Melbourne, says he has worked with clients who’ve had money stolen through scams via crypto ATMs. He says the massive growth in their popularity in recent years has come at the expense of some of the older, financially vulnerable people he assists. 

Betty’s story 

Betty* lives in regional Victoria and is over 65 years old. She’s still working, and worried she won’t have enough superannuation to retire comfortably. Last year she saw an ad for an investment opportunity on Facebook and made contact. The person she spoke with spent months grooming her while setting up a scam. 

Over a period of weeks, Betty transferred $5000 a day out of her superannuation account to her bank account, then withdrew it in cash and fed it into a crypto ATM at her local petrol station. The money was then transferred to the scammer’s crypto wallet before disappearing. In the end she lost around $140,000 – her entire retirement savings. 

“This woman had never used crypto before the scam, she was taught how to use the machines and given step-by-step instructions,” says Claude Von Arx from Consumer Action Law Centre. “She would go to the petrol station and then stand on the phone and the scammer would walk her through the process, right there in the open, she was coached through it. One note at a time.”

Betty is far from alone. 

AUSTRAC says around 150,000 transactions take place on crypto ATMs in Australia every year. The agency estimates one in ten transactions are linked to suspicious activity, including organised crime and scams.

AUSTRAC’s Cryptocurrency Taskforce says data from nine crypto ATM providers shows most users are over the age of 50, while 60–70-year-olds alone account for 29% of all transactions by value. These demographics, which are in stark contrast to the generally much younger demographics of cryptocurrency traders, suggest these machines may be being used by scam victims rather than crypto enthusiasts.

Steep fees and big players

Most of the crypto ATM companies operating in Australia are based in North America, where the market is more established. Four of the major companies operating locally are CoinFlip, Localcoin, BitRocket and Bitcoin Depot. 

CoinFlip boasts 210 machines in NSW alone and another 145 in Victoria. 

These companies partner with local business shopfronts who provide the space to host the ATMs in return for income. CoinFlip says businesses who host a kiosk can “increase foot traffic, generate monthly rental income, and earn revenue from transactions”. 

Meanwhile, Localcoin says ATM hosts will “generate over $2000 annually through rental income”.

The reason these machines may be shunned by some genuine crypto enthusiasts and traders is the extremely high fees they charge on transactions. Someone purchasing bitcoin through a Localcoin ATM can expect to pay an 18% service fee, plus an additional $4 flat fee. Online crypto exchanges typically charge fees of around 1% to purchase bitcoin. 

Some machines also offer people the option to sell bitcoin and other crypto currencies and withdraw cash, though similar fees are charged. 

����Vlog ‘falls in love’ online

Both the Australian Federal Police (AFP) and the Australian Competition and Consumer Commission (ACCC), which runs the National Anti-Scams Centre, are keen to highlight the scam warning signs they’ve placed on crypto ATMs.

“Mandatory scam warnings and increasing the capacity to monitor transactions should help reduce opportunities for criminals to misuse these ATMs,” says Catriona Lowe, deputy chair of the ACCC.

The Localcoin ATM we visited in Melbourne did have a message, in small print, warning customers that if someone asks for bitcoin it could well be a scam.

When we contacted the Localcoin service assistance chatbot posing as someone trying to send money to a woman they had met online, the bot promptly warned us to cease the transaction as we were likely being scammed. It didn’t provide an option for continuing the transaction or provide any links or support to set up accounts. 

The CoinFlip ATM carried no printed warnings on the machine (the company says a digital on-screen scam warning appears later in the process) and when we called their service assistance line we got a different response to the Localcoin chatbot. 

Posing as someone trying to send bitcoin to a ‘girlfriend’ we met online who lived overseas and claimed her mother was sick, there were red flags of a scam (as identified by the ACCC in their warnings around romance scams) for the CoinFlip staff member, who said they were based in the US.

“Just so you know everything on the blockchain is permanent and irreversible, which means if you send her funds and you realise she has stopped talking to you that money is gone. There is no way to get it back. Are you aware of that?” the staff member asked. “I trust her,” we replied, and later added, “she wouldn’t lie to me”.

“Are you sure she is who she says she is? Like, have you talked to her on the phone, like in person, like video and all that?” the staff member asked us. We answered in the affirmative, intending to imply we had spoken over video (CoinFlip disputes this and says the staff member received confirmation we had met this person face-to-face). 

The staff member asked a number of other probing questions, but never mentioned the word “scam”, and in the end sent links on how to set up an account with CoinFlip and offered to talk us through the steps. 

CoinFlip responds

We sent questions to CoinFlip about the interaction. The company replied that “CoinFlip takes consumer protection seriously and holds itself to the highest standard of compliance and transparency”.  

“In this instance, CoinFlip’s agent went above and beyond to educate the caller, cautioning them about trusting the intended recipient of the funds, explaining that blockchain transactions cannot be reversed once completed, and encouraging careful consideration before proceeding. At no point did any funds move, and no transaction occurred,” the spokesperson says. 

CoinFlip says that had we attempted to complete the transaction using the same information given on the call, the account would be “flagged, reviewed and suspended by a member of our local dedicated compliance team as part of CoinFlip’s multilayer protection mechanisms”. 

No transaction occurred in this scenario because it was merely a simulation. It is not suggested that CoinFlip knowingly or recklessly facilitates scam transactions, however, this scenario demonstrates how a potential victim such as Betty can use crypto ATMs at the insistence of scammers to transfer significant funds in an untraceable way.

Time for reform 

In 2025, AUSTRAC placed conditions on all crypto ATM operators, including a $5000 transaction limit. 

But Claude Von Arx from Consumer Action Law Centre says that isn’t enough. 

“It’s like whack-a-mole – everyone is working hard to try and tighten the banking process, scams are already on the next scenario. Crypto ATMs are an easy way to circumvent the banking system and controls,” he says. 

“Crypto is already untraceable, but getting the money into crypto is so much easier now. Some banks don’t allow funds to go to online crypto exchanges, and that’s now pushed scammers to these ATMs.”

AFP detective superintendent Marie Andersson says Australia should be moving in the direction of countries like New Zealand, who have banned crypto ATMs outright, and Singapore, where restrictions have made them commercially unviable.  

“It’s something AUSTRAC and the regulators need to seriously consider,” Andersson says. When asked if banning crypto ATMs would make policing scams easier, she says, “the simple answer is yes”. 

����Vlog understands the Department of Home Affairs is developing legislation that would enable AUSTRAC to prohibit “high-risk” products that “cause harm to the community”, and the federal government plans to introduce legislation at some point in 2026. 

A department spokesperson says these high-risk products may include crypto ATMs.

Von Arx says any ban can’t come quick enough to prevent more people from falling victim. 

“What is the argument for crypto ATMs, what is their purpose? It’s hard to build a business case for them. What do they add to society?” 

*Not her real name 

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When it comes to serving the needs of Australia’s original inhabitants, the Australian Financial Complaints Authority (AFCA) wants banks and other financial services to do better.

Despite attempts by First Nations advocates to get financial firms to anticipate the challenges, First Nations communities still receive the same poor service and the industry remains tone deaf to cultural differences that have repeatedly been brought to its attention.

AFCA received 2461 complaints from Aboriginal and Torres Strait Islander peoples in the 2024–25 financial year. The complaints were mostly about unauthorised transactions, a lack of financial hardship assistance, poor or no response to complaints, and the mis‑selling of funeral and other insurance products.

But this number reflects only a fraction of the poor experiences of First Nations customers, as many get nowhere when trying to access financial services in the first place, let alone resolve an issue with their financial services provider.

“Year after year the same patterns persist, and many people never reach external dispute resolution because of the frustration they experience dealing with firms,” says AFCA deputy chief ombudsman Dr June Smith.

“First Nations people continue to face disproportionate challenges and barriers when interacting with financial services and our data likely reflects only a fraction of the problem,” says Smith.

Part of that problem starts with the failure of banks to recognise  the living conditions of remote First Nations communities, and this lack of recognition has a long history.

In April last year, we reported on Westpac abruptly closing its last branch in Tennant Creek in the Northern Territory, leaving many First Nations and Torres Strait Islander peoples with very limited banking services.

Through his work with the advocacy group Mob Strong, acting director Hark Holden sees the problem firsthand on a daily basis.

“These financial service providers need to ascertain and accommodate the vulnerabilities of these clients rather than just waiting for them to get in touch,” Holden says. “They must also look into their own past history of not helping these clients out when help was needed.”

A gap for BNPL and payday lenders to exploit

Holden agrees with Smith’s view that only a small portion of dissatisfied First Nations clients manage to lodge a complaint with AFCA.

“Not that many First Nations consumers are aware of their right to complain to the financial service provider, or to escalate that complaint to AFCA if necessary. Many are actually first or second generation users of the financial system, after generations of marginalisation and dispossession,” Holden says.

This unfamiliarity, combined with a lack of access to financial services, is one of the reasons that many First Nations customers fall into the hands of third-tier operators such as payday lenders or buy now, pay later businesses.

“They feel like they have no agency over accepting these products and could agree to disadvantageous contractual terms without understanding them in the first place,” Holden says. “And they feel like they cannot complain as they have no other source of credit.”

Digital exclusion

As financial service providers close down bank branches and force clients to transact online, First Nations communities are further isolated. It is well established that many First Nations people don’t have digital access, either because they can’t afford it or it isn’t available – sometimes both.

When dispute resolution processes are fully automated and devoid of human touchpoints, many First Nations clients have nowhere to turn.

Not having digital access has many impacts, including not being able to make insurance claims, access superannuation accounts, or receive critical communications.

“A priority for ACFA is equity of access for everyone,” says Smith.

“When we go to some remote communities, the internet is so sporadic you can only get a clear connection in a small part of the community,” says Mob Strong’s Mark Holden.

“The number of financial service providers are limited, and there are no bricks-and-mortar branches for people to come in and resolve the issue face to face. They would have to either take a very long four-wheel-drive drive journey or take a flight to go to a bank branch.”

“Our clients often feel very hopeless when trying to sort out a dispute with a financial service provider, and sometimes they feel like they want to give up,” says Holden. “It requires financial counsellors and lawyers to help make these cases, but these resources are severely limited.”

Better codes of practice needed

According to AFCA, a number of codes of practice are under independent review in the financial services sector. Smith says this presents an opportunity to set new standards for banks and other lenders interacting with First Nations communities, such as how they account for cultural differences and technological limitations when asking customers to provide proof of identification. 

“Now is the time for industry to clearly define its commitment to improving engagement with First Nations peoples,” Smith says.

Smith says the codes should be updated to make it easier for First Nations customers to self-identify for security purposes and that “meaningful cultural awareness training” should be a requirement for both banks and non-bank lenders so they can provide support that meets the needs of First Nations people in regional and remote areas.

“A lot of First Nations consumers can’t understand the security requirements, such as providing digital ID or multi-factor identification, and so they get left out,” Holden says.

But codes of practice only go so far.

“These codes need to be enforceable and bind the entire industry, not just a section of it. If a code’s not working, the alternative is law reform or the imposition of legislative requirements,” says Holden.

It’s a point that First Nations advocates have been making for a long time. In the absence of enforceable laws that dictate how banks treat First Nations customers, Holden says some genuine care and concern can go a long way.

“What these financial services providers really need to do is be more proactive in trying to assess and accommodate vulnerabilities. They need to have specialised training and specialised staff for First Nations or other vulnerable consumers. It would be an unfair burden on these consumers to deal with the industry without these things in place.”

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Leonora Risse, an economist focused on gender equality says that, despite good intentions, AI models can ultimately become heavily skewed.

“These systems aren’t designed to discriminate on the basis of gender, they’re intended to be gender neutral. But once you put them into practice, they end up being gender biased because of the very different experiences and circumstances that on the whole, on average, men and women tend to be in.”

As banks and other financial institutions ramp up their use of AI and automated decision-making, those in the field are calling for regulatory safeguards and guardrails to make sure whole segments of society aren’t left behind. 

Traditional loan bias has always been rife

Women have always faced biases and discrimination when it comes to accessing finance. 

Kirsten Abernethy is the executive director of the Victorian Women’s Trust, an organisation that was instrumental in changing the Australian banking sector’s practice of requiring a male guarantor for women’s business loans in the 1980s. 

These days, she says, the ways lenders assess women with small businesses and female entrepreneurs comes with more implicit biases than overt ones. 

“The financial systems are really based around male norms of full-time, uninterrupted work, linear income growth, and the accumulation of assets,” she says. 

In contrast, women often have career breaks and might have periods of time where their work is part-time or flexible. 

“The models that are used around risk, credit and investment systematically undervalue women, not because women are riskier propositions, but because of what the system assumes is normal,” Abernethy adds. 

AI accelerating the trend

Michael Mehmet, a professor from the School of Business at the University of Wollongong says banks and other financial institutions are quickly getting on the AI bandwagon, due to advantages in speed and reduced labour costs. 

“Every day more and more banks are jumping onto it just purely based on its speed and efficiency and ability to process huge amounts of data without too many human resources, particularly when it comes to understanding patterns and trends and then feeding that sort of information into lending approvals and helping with strategic decision-making.” 

Ramona Vijeyarasa, a professor at the University of Technology Sydney (UTS) who has researched AI and gender, says the risk to women lies within the datasets themselves.

“It’s not that the problem is necessarily the tech, but when the data itself reflects existing biases that we know are prevalent in society, the AI can amplify that,” she says. 

In short, AI won’t just replicate pre-existing biases, it will accelerate them, as a result of its increased speed and efficiency. 

And it’s not just a problem in Australia. Norrin Halilem, professor in innovation and knowledge management at Canada’s Universite Laval, says the concerns are worldwide. 

“This is especially relevant because credit decisions sit at the intersection of financial risk and social life,” he says. 

“Things like housing, mobility, entrepreneurship, education, and family stability can all hinge on access to credit.” 

Experts call for crucial AI auditing

Jeannie Paterson, director of University of Melbourne’s Centre for Artificial Intelligence and Digital Ethics, was previously on the federal government AI Expert Group. She says banks are being very opaque about how they are using the technology. 

“It’s a real issue. It’s really unclear how they make the assessment. If they are making it a partially automated process, there is little that is clear about why people are being denied credit, they won’t know. In law they have little right to complain unless they can show discrimination, and it’s really hard to prove discrimination unless you have access to the data.”

Paterson says it’s important that any automated decision-making process used is audited for systemic discrimination, but it is largely unclear if this is happening. 

“Banks won’t even say if they are using it, let alone if they are auditing them.”

Banks remain (mostly) silent 

We contacted Commonwealth Bank, NAB, Westpac and ANZ, asking them what AI systems and automated models they were using to assist in decision making, whether these were designed in-house or by third parties, and what auditing and safeguards were being put in place to minimise gender biases. 

Only the Commonwealth Bank responded on the record. 

“All credit decisions continue to follow our established practices, risk frameworks, and responsible lending policies,” a CBA spokesperson says. 

“Where appropriate, we use industry and internal data and automated processes to make it easier to assess our customer’s situation. We have strong controls and governance to manage model alignment.”

They added that models undergo independent assessments to support “fairness across customer groups” and were subject to ongoing monitoring and reviews. 

Greater need for regulatory safeguards

Paterson says too much of the discussion surrounding AI focuses on so-called “generative AI” and other areas, and impacts on society are often ignored. 

“All our attention is on ChatGPT and we have been distracted from automated decision-making. If a bank is using a credit tool to do automated credit assessments, but if it’s not generative AI, it’s not on the agenda,” she says. 

Professor Vijeyarasa from UTS says she would like to see Australia take a more stringent regulatory approach in this area and follow the example of the European Union whose AI Act provides some protections from AI-based discrimination for their citizens. 

“It’s fair to say that the regulation of this space hasn’t really kept up. At the moment it is up to the private sector to decide how much information they want to give to us and whether the risk of automated discrimination is too high,” she says.

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The Commonwealth Bank of Australia has backtracked and agreed to refund some of the $270 million in excessive fees it charged low-income account holders, following a months-long ����Vlog campaign. 

In July 2025, the corporate regulator, the Australian Securities and Investments Commission (ASIC), found that a number of banks had charged excessive account-keeping and overdraft fees to customers on Centrelink incomes, who should have automatically been moved to low-fee or no-fee accounts. 

While the other banks called out by ASIC moved swiftly to remedy the situation and issue bulk refunds to some affected customers, CommBank flat-out refused for months, with CEO Matt Comyn even telling Parliament under questioning that refunding unfair fees would be “appropriating shareholder money”. 

But just before Christmas, Australia’s largest bank did an about-face and said that it would begin refunding “relevant concession customers” to the tune of $68 million. Last year the bank posted a $10 billion annual profit. 

ASIC ‘disappointed’

CommBank has yet to announce any details about which customers will receive refunds and which will miss out. 

ASIC Commissioner Alan Kirkland says while he welcomes the change, it is still “disappointing” that some low-income CommBank customers may receive nothing.  

“These are people on very low incomes. Any money that comes out of their bank account by way of a fee is money that they haven’t been able to spend on basics like groceries or energy bills,” he says. 

Consumer pressure forced CommBank’s hand

����Vlog head of policy Morgan Campbell says that despite the bank’s refusal to refund the full amount, it is still a “big win”. 

“CommBank should never have charged these fees in the first place, and we shouldn’t have had to drag them kicking and screaming to make these refunds,” he says. 

“More than 27,000 ����Vlog supporters signed our petition calling for CommBank to refund this money, and we gave them a Shonky Award in November. Both of these have made a real difference. Together we’ve built so much pressure that one of Australia’s biggest corporations has made a $68 million backflip. That’s huge.” 

Campbell is also calling on CommBank to make longer-term changes to its products and processes for customers on low incomes to ensure this never happens again.

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Between 2019 and 2024, Australia’s largest bank raked in $270 million in excessive account keeping and overdraw fees from people on Centrelink incomes who should never have been charged those fees. 

The corporate regulator, the Australian Securities and Investments Commission (ASIC) called out CBA in July and said they should follow other major banks who have moved to refund the cohort of eligible customers. 

CBA for its part says customers in the cohort were “diverse” and had varying levels of income, savings and home ownership.

“CBA is reviewing individual cases where customers may have incurred unusually high fees and is considering goodwill adjustments where appropriate,” the bank said.

New polling

New nationally representative polling of over 1000 people by Dynata, commissioned by ����Vlog, has found that 88% of people think CBA should provide refunds. The fieldwork was conducted in August of this year.

Slightly fewer people, 83%, agreed that customers who were eligible for no fee or low fee accounts should be automatically switched into them by their bank. 

Morgan Campbell, ����Vlog head of policy says the poll results are no surprise. 

“Australians know bad bank behaviour when they see it. CommBank wasn’t the only big bank keeping people in accounts they shouldn’t have been in, but they’re the only ones who have point blank refused to put it right,” he says. 

“These were unfair fees, they should never have been charged, and CommBank needs to do the decent thing and refund them. By continuing to dig in, they’re thumbing their nose at ASIC, at their customers, and at public opinion.” 

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“Last day,” an elderly woman says to the woman behind the cash register with a nod. “Last day,” she says back with a laugh. 

Yarram may have a population of just over 2000 people, and one that is significantly older than the national average, but as the vibrant main street shows, this is far from a dying town. 

But from tomorrow, there will be no more banking in Yarram, and no more banks. It’s the end of a critical service that many residents depend on. The Bendigo Bank branch, which is usually open until 4pm, will shut at midday for the very last time. The bank couldn’t even see out the day. 

Sad day for the town 

At 9:30am, the Bendigo Bank opens and a steady stream of customers begin rolling in to the branch. Most are older folks, but there are people of all ages. 

Kyle, in his 30s, has a scruffy beard and wears a flannelette shirt and beanie. Coming out of the branch for what will be the final time, he says he has mixed feelings. 

“Bendigo said they would stand by us when the other banks left, then they kind of betrayed us by all of a sudden saying they are going to shut down,” he says. 

“People need a face-to-face [bank] and we have an ageing population in this town, like a lot of small towns, and this is just another layer of services that are being taken away from us.

“There is this trend of removing services from the small rural towns and forcing people to centralise in the rural centres and cities,” Kyle says. 

Jenny, who is also coming out of the bank, says it’s a sad day for the town, but especially for the staff who work at the branch. 

“When I first moved here we had four banks. So I really can’t understand why we can’t have one bank doing all the business and helping out the people of our town,” she says. 

“I feel for the older people who can’t get to Traralgon or Sale to do their banking,” says Jenny.

These are the nearest towns with major bank branches, which are 64 and 72 kilometres away respectively. 

A man rides past on a bike, stopping for a moment to read the sign posted to the glass sliding doors of the bank. “Better get in quick, this says they are closing,” he yells over to me. “Sign of the times I guess, everything’s gone to the computers.”

Gaps in the moratorium 

According to the federal government, 36% of regional bank branches across Australia have closed since 2017. 

In February this year, a moratorium on regional branch closures was announced by the so-called ‘Big Four Banks’ with Commonwealth, ANZ, NAB and Westpac promising no more regional branch closures until the end of July 2027. 

“Banks have a responsibility to regional communities and we’re holding them to it. We are making sure bank branches stay open in the bush,” Treasurer Jim Chalmers said at the time. 

But the moratorium didn’t include smaller banks, such as Bendigo Bank, which announced in July it would be closing 10 branches across Victoria, Queensland and Tasmania. 

At the Yarram Progress Association office, just across the road from the bank, vice president Kevin Mackin says that when senior managers from Bendigo Bank came to town to ‘consult’, there was little that was constructive about the meeting. 

“We came to the meeting wanting to solve a problem, which is how do we have banking services in Yarram. They came to the meeting to tell us they were leaving and that was it. They weren’t willing to explore other options – shorter hours options, smaller branch options, community bank options – everywhere we went trying to provide a solution was just a shut door,” he says. 

A spokesperson for the bank says the decision to close the branch and ATM came following a review of customer preferences, a reduction in business activity and an increase in costs. 

“Bendigo Bank is proud of its regional heritage and operates Australia’s second largest regional branch network,” it told ����Vlog. “Bendigo Bank maintains more branches per customer than any other Australian bank.” 

Worries for the future 

David Phelan is a 73-year-old stock and land broker who says he was proudly born and bred in Yarram. He has been fighting to make sure banking remains viable in the town. 

“Commonwealth were the last ones to leave in 2021. When the Commonwealth left, I told the community the best thing we could do was go to the Bendigo, because if we all went to the Bendigo they couldn’t possibly close. However, they’ve chosen to close and made a liar out of me,” he says.  

David has been having meetings with major and smaller banks trying to entice them to the town. He says while the community is strong, he worries for the future. 

“All of a sudden if you don’t have a bank, you lose your vibrancy out of your main street. If you need to go to Traralgon to do your banking, what’s the next thing you buy? A bit of groceries, instead of shopping in Yarram. It does not help little towns,” he says. 

“The banks have tried to push everyone to electronic banking and it doesn’t suit everybody. I feel for the older people in the town, they’ve never been brought up with computers and everything and they like to go into the bank and withdraw their pension. They trust the bank tellers to do the right thing,” David adds. 

One last trip to the bank

A few doors down from the bank, a red sign outside the Australia Post office informs customers they can deposit and withdraw cash there.   

However, Kevin from the Yarram Progress Association says the services being offered by Bank@Post won’t fulfil the town’s full banking needs. 

“Trust is really important in a banking relationship and a lot of our people believe they have a good relationship with the people in the bank. They trust them. That trust won’t transfer to another operation very easily,” he says. 

Getting up and walking out onto the footpath, Kevin looks out over at the Bendigo branch. His anger is palpable. 

“I believed all the marketing about being ‘The Better Big Bank’,” he says, referring to Bendigo Bank’s advertising slogan.  

“I thought and believed they had a real sense of being a community bank and the sense that they were contributing to Australia, but I don’t think that has been demonstrated in the way they’ve treated Yarram. They aren’t ‘The Better Big Bank’, they are worse than any of the banks I’ve dealt with.” 

Out on the street, an elderly couple approach the Bendigo ATM. It’s 11:47am and the branch is about to close. After several minutes trying to work out how to use the machine, the man gives up frustrated and makes his way through the sliding doors into the bank.

At 11:53am Yarram’s last banking customer emerges from the branch, clutching a few $50 notes and quickly putting them away in his wallet before walking down the street. Before the doors slide shut. And lock.

Photos and video by Jarni Blakkarly

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