The big four bank scrapping cash services from its branches

Amid escalating concerns regarding Australia’s move towards a cashless society, one of the country’s major banks has added fuel to the fire by declaring its intention to eliminate over-the-counter cash transactions from multiple branches.

As of March 18, ANZ is set to do away with over-the-counter deposits and withdrawals at its Balmain branch, similar changes have already happened at St Ives and Manly branches in the last year.

The bank cited the decision as a response to the increasing trend of customers favouring online and mobile banking over physically visiting branches.

“Overwhelmingly, our customers prefer to access cash via our large ATM network,” an ANZ spokesperson told 7News. 

“At some of our metropolitan branches, our staff will focus on speaking with our customers about their banking needs, particularly about the big financial decisions in their lives, like borrowing for a new home or establishing accounts for a new business.

“At these branches, customers can continue to make cash and cheque deposits and cash withdrawals by using our Smart ATM and coin deposit machines, and we have staff on hand to help customers needing assistance.”

The move to do away with cash services did not sit well with the public.

@ANZ_AU pathetic. Hopefully consumers will take thier business elsewhere.

— Julia (@Julia14903613) February 12, 2024

Legislation must be passed immediately to make it illegal for banks to not give cash and businesses must accept cash.

— Tim (@timfinally) February 13, 2024

Our local ANZ Bank ATM never has enough cash, always runs outa $s. Locals continuously going to supermarkets to withdraw cash. Itsa DISGRACE

— anne redman (@anneredman5) February 13, 2024

The latest change to in-person banking comes after Macquarie Bank announced plans to also scrap cash transactions across all of its branches.

The fifth-largest bank in Australia revealed they would be dropping cash, cheque, and phone payment services from 2024 with payments to be conducted entirely digitally and all cash withdrawals to take place entirely at ATMs from November 2024.

“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts,” Macquarie Bank said in a statement.

“Customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees. However, cash deposits and branch withdrawals will no longer be available.

“This means from November 2024 we’ll no longer offer cash or cheque services. Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank.”

The move was met with similar condemnation from members of the public who hold strongly to the view that “cash is king”.