The branch, in the beachside community of Miranda just south of Sydney, follows eleven other NSW branches, reducing the total remaining branches in the state to 44.

Barry Collier, local MP for Miranda reacted by closing his three BoQ accounts, as had other 'disgusted' customers.

The bank announced the Miranda branch would merge with Cronulla, which residents and Collier claim is too far away.

This isn't the first time BoQ has fallen foul of its franchise holders and been criticised for its franchise model, which it maintains helps boost growth.

Six legal cases have been brought against the bank by franchisees since 2006. There are also reports at least 20 NSW branches have changed hands.

The Courier Mail in April reported that disgruntled NSW franchisees wanted to form a national association, complaining that BoQ's costs structure, product range, marketing and lending standards were flawed.

Consumers have also criticised BoQ, with many citing poor ATM availability and maintenance and expensive fees.

One consumer told news.com.au that they tried to deposit $350.00 of change (all bagged and counted) at their BoQ branch and were told it was not legal tender.

"They said [...] to deposit it into my account (they) would charge me 50 cents in the $1-00".

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