Business owner Tom Weyrich, who recently switched his banking to Bendigo Bank to support the service, said the decision came amid a series of setbacks for the town.
He cited the loss of the local timber industry, inadequate police services and struggles with telecommunications as ongoing issues.
“I get around town a fair bit, and everyone I’ve been speaking to is saying ‘here’s another kick in the guts for us’,” Mr Weyrich said.
“(The bank) is a valuable asset for the town, and for it to leave will have a dramatic effect on businesses.”
Mr Weyrich said his businesses, the Mathoura General Store and Good Vibrations Motorcycle Museum, received cash and EFTPOS payments roughly on-par.
He also expressed concern for the more vulnerable residents of the town’s growing population.
“I can tell you, people in town, particularly the business people, the elderly and people with disabilities are simply devastated,” Mr Weyrich said.
“I know of people who rely wholly and solely on the bank for cash transactions.”
After the agency’s closure in October, no banks will offer in-person services in the Murray River Council region.
Co-located at the council’s Mathoura Visitor and Business Centre, the agency will be one of 28 to close later this year.
The bank’s agency network was established over 30 years ago to offer limited banking services through third-party businesses in areas where there was not enough demand to sustain a branch.
A Bendigo Bank spokesperson said the agency model was being retired following a review of evolving customer preferences, reduced business activity and an increase in costs and compliance obligations.
“As a result, Bendigo Bank Mathoura Agency will be closing permanently on Friday, October 17,” they said.
“The bank is in the process of communicating this change to customers and apologises for any inconvenience.”
The spokesperson said the bank was proud of its regional heritage, and had Australia’s second largest regional branch network.
Mr Weyrich said the decision mirrored Westpac’s closure in Mathoura around 30 years ago, and called for intervention from all levels of government.
“It’s driven by greed. The banks are self-regulating, and that needs to change,” he said.
“They’ve got to be held accountable, and somebody needs to make them accountable.”
Bendigo Bank branches will continue operating in Echuca and Deniliquin, and customers can bank in-person using Bank@Post, or at any Australia Post outlet.
For more information, visit the Community Bank at Tongala, or phone 5859 1401.
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