The Westpac Fyshwick branch is to close, in the heart of one of Canberra's busiest small business precincts.
In a letter to customers this week, Westpac said its Fyshwick branch on Wollongong Street would close at 3pm, Friday, October 11.
Rob Evans, president of Fyshwick Business, an association representing traders, said the closure would be "annoying" for businesses who used the branch for cash purposes but the closure was "a sign of the times" of modern banking.
Mr Evans said he believed businesses who needed to do their cash banking in Fyshwick would simply transfer to another bank still with a bricks-and-mortar presence in the area.
"It is a sign of the times because a lot of people do their banking online now," Mr Evans said.
The Fyshwick Westpac is one of 15 branches the bank is closing across the nation, with the Finance Sector Union saying it is a case of "profits being prioritised over people, staff and communities".
The union said Westpac was cutting jobs and services to local communities to save on costs.
"A number of groups in the community, including the elderly and business sector value branches. This is a prime example of the continued failure of Westpac to uphold its 'service' promise," the Finance Sector Union said.
The union has called on the bank to "maximise redeployment opportunities" for its staff affected by the closures.
In a letter to Fyshwick customers, the bank said "the way people bank is changing".
"We have been seeing changes in the way our customers choose to bank with us, with more banking online or through ATMs instead of visiting a branch in person," the letter from Westpac read.
"Therefore, after careful consideration, we've decided to close the Fyshwick branch from 3pm on Friday, 11 October, 2019."
Westpac says customer BSB and account numbers will stay the same, even after the Fyshwick branch closes.
Banking documents will be transferred to the Westpac Manuka branch.
Westpac is directing customers to firstly use the Manuka branch, or choose another branch, with the closest after that likely in Woden or even Queanbeyan.
