The Credit Union Australia's decision to close its Corrimal branch has been branded as "cynical and opportunistic" by a union official.
The branch, which employs five people, will close on August 21.
Wendy Streets from the Finance Sector Union of Australia said it was a "disaster" for workers who will lose their jobs but also for credit union customers.
"There's a cliché about 'never wasting a good crisis', and CUA certainly aren't wasting this COVID pandemic," Ms Streets said.
"This is a cynical and opportunistic ploy by CUA using COVID-19 as excuse to bolster their bottom line."
A CUA spokesman said there had been a "significant decline" in customer numbers at the Corrimal branch and they have made redeployment offers to some employees.
"As a result, this branch will permanently close," the spokesman said.
"We understand this will inconvenience some members but we continue to invest in a range of other channels, including our Figtree branch, digital and contact centre channels."
He said the closure was not related to COVID-19.