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Bank trading restrictions 

Banks are permitted to open their retail branches for business on the August Bank Holiday and public holidays other than Good Friday, Easter Sunday, before 1pm on Anzac Day and Christmas Day on the condition that the branch must be staffed by persons who have freely elected to work.

Applications for banks to trade on Saturdays and Sundays

A bank may apply to the Secretary, NSW Treasury for approval to open the bank, or one or more branches of that bank, in New South Wales on weekends.

An application must be:

  1. made in writing and 
  2. accompanied by such information as the Secretary requires to determine the application see Guidelines (pdf - 62Kb) 

The Secretary may:

  1. grant an approval unconditionally or subject to conditions, or
  2. refuse to grant an approval

In determining an application, the Secretary is to consider whether granting the approval would be in the interests of the public, taking into account the likely effect of granting the approval on particular sections of the public, including customers of the bank concerned in any particular area (whether or not an area the subject of the application) and persons employed or engaged (whether or not by the bank) to perform services for the bank.

The Secretary may request the applicant to provide such further information which is considered relevant. The Secretary may refuse to grant an approval if the applicant does not comply with such a request.

If the Secretary grants an approval, the bank will be notified along with any conditions that may apply.

If the Secretary refuses an application, the bank will be notified in writing of the reasons for the refusal.

The Secretary is obliged to deal with an application for weekend bank trading within a period of 40 days (or such longer period as the Secretary determines with the consent in writing of the applicant).

Varying, suspending or cancelling approval for weekend bank trading

The Secretary may vary the conditions of any bank's approval to trade on weekends, or suspend or cancel an approval.

An approval may be suspended or cancelled only if:

  1. the bank that holds the approval has contravened a condition  or
  2. the Secretary considers that it is no longer in the interests of the public for the approval to remain in force, or
  3. the bank has requested the suspension or cancellation.

Internal Review of Decisions

Aggrieved applicants, banks or an industrial organisation representing bank employees  may apply for an Internal Review of any decision of the Secretary to grant, refuse or vary approvals to trade on a Saturday or a Sunday.

Review by Administrative Decisions Tribunal of decisions relating to approval

A bank or an industrial organisation representing bank employees may apply for review of any decision of the Secretary to approve, suspend or cancel approval, or attach conditions to such approval, to the Administrative Decisions Tribunal.

Restrictions on financial institutions

‘Financial institutions’ as defined in the Retail Trading Act are permitted to open their retail branches for business on the August Bank Holiday provided one of the following criteria is met:

  • the branch of the financial institution must be staffed by persons who have freely elected to work on the day
  • an industrial instrument provides for employees employed in the retail business of the financial institution to receive a substituted day off in lieu of Bank Holiday for working on Bank Holiday
  • the financial institution has no more than 5 employees.
Financial institutions are not restricted from opening their retail branches on any other day under the Retail Trading Act.

 

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