CBA, NAB renew AusPost partnerships

The Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB) have announced that they have renewed their partnership with Australia Post for 10 years (until 2032).

Through the renewed in-principle commitment, CBA customers will be able to visit any of the Australia Post outlets with the Bank@Post sign, and complete the following banking transactions using their card/PIN, passbook, deposit-only card, or barcoded deposit book:

• Withdrawals (up to $2,000 a day);
• Cash deposits (up to $6,000 a day);
• Cheque deposits;
• Passbook transactions (up to $2,000 per week);
• Account balance enquiries;
• Credit card repayments; and
• Bill payments.

Commenting on the partnership with Australia Post, CBA group executive retail banking services Angus Sullivan said that it would complement the major bank’s ongoing investment in face-to-face banking services, with the bank investing $50 million every year in new branches and refurbishments.

“Millions of Australians rely on CBA to do their banking, and I’m proud that this renewed partnership gives our customers more choice with how and where they bank with us over the next decade,” Mr Sullivan said.

“We know that some customers want face-to-face banking services, and this partnership with Australia Post supports our commitment to ensuring our customers in regional Australia have ongoing access to these services at the 3,500 Bank@Post outlets across the country.

“We have a strong relationship with Australia Post, and investing multimillions of dollars each year for a decade in the capability, technology and security of Bank@Post outlets builds on our priority to reimagine services and ensure our customers can continue to bank easily, safely and securely whenever they visit a participating Australia Post outlet.”

NAB to expand services under AusPost partnership

NAB customers will be able to access an expanded range of services at Australia Post (introduced progressively from 1 October), including a business exchange facility, an express business deposit option, and an increase to the daily withdrawal limit.

The major bank will increase withdrawal limits from $2,000 to $5,000, which it said would increase the eligibility for more customers in rural regional areas to perform their cash transactions at a post office location.

Business customers will be able to exchange cash up to agreed values as part of the standard service offering (whereas previously there was an additional charge for this service).

In addition, NAB is working with Australia Post to enable its business customers to make express business deposits at their local Bank@Post locations, and is aiming to make this new service available in the second quarter of 2022.

Furthermore, NAB is piloting the NAB community banker in August and September at post offices in Texas, Queensland and Narromine, NSW (with more locations to be added), where a community banker will work half a day a week to assist customers with general banking enquiries, digital education, setting up accounts, and making appointments with specialist bankers.

Speaking about the partnership renewal with Australia Post, NAB group executive personal banking Rachel Slade said that around 260,000 NAB customers currently use Bank@Post, which helps the major bank provide access to banking services for customers in more locations.

“This renewed partnership provides certainty for our customers, knowing that for at least the next 10 years, they will have access to essential banking services through this national network of post offices,” Ms Slade said.

“Together with our branch network, this partnership means our customers have more than 4,000 locations they can bank with us. It provides extra support, particularly for those remote and rural customers, to be able to access face-to-face banking services. We want to make sure we are serving customers well whether that’s digitally, by phone, video conference or in-person. We know that face-to-face banking will always be an important part of banking, and this will help us achieve that.

“As Australia’s biggest business bank, we’re also working with Australia Post to launch new services for our small-business customers.”

Partnerships to support Bank@Post investment

Australia Post executive general manager community and consumer Nicole Sheffield said that the 10-year in-principle agreement with CBA and NAB would allow Australia Post to support ongoing investment in the Bank@Post service to provide banking services for customers, particularly in regional areas and small businesses.

Ms Sheffield also said that the agreements would support the long-term sustainability of thousands of licensed post offices and their owners, many of whom are small businesses.

“We know how important the local post office is for so many communities and small businesses – particularly in regional areas. The support of CBA and NAB will ensure access to banking services for those communities can be maintained, and additional related services introduced, to better support the needs of banking customers for the next decade,” she said.

“The agreements will also allow us to invest further in our post office network, recognising the valuable role our people play in supporting communities across the country. Our post offices also play a critical role during natural disasters, emergencies and more recently through the COVID-19 pandemic with access to products and services through lockdowns and travel restrictions.”

[Related: Major bank to partially close 114 regional branches]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.