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Launceston bank closures a 'disaster' for town

The article from MSN discusses the impact of bank branch closures in Launceston, a small town in Tasmania, Australia. It highlights how the closure of the last remaining bank branch, the Commonwealth Bank, has left the community without any physical banking services, which is described as a "disaster" for local residents, particularly the elderly and those without digital access. The closures are part of a broader trend where banks are moving towards digital banking to cut costs, but this shift severely affects those who rely on in-person services for their financial transactions. The article points out the lack of consultation with the community before these decisions are made, the increased travel required for banking needs, and the potential economic downturn for the town as local businesses might suffer from reduced foot traffic. It also mentions the broader implications for rural and regional areas where similar closures are occurring, exacerbating the digital divide and potentially leading to social isolation.

Read the Full BBC Article at:
[ https://www.msn.com/en-us/money/personalfinance/launceston-bank-closures-a-disaster-for-town/ar-AA1BB1y5 ]