If this banking move happens, we'll pretty soon forget what real money feels like

The number of bank counters has decreased significantly and even if you do turn up at the bank, you most likely end up interacting with an iPad or some sort of machine.

Some people feel that there’s no real reason to go the bank anymore these days except to get that bank cheque or to exchange a heap of coins into notes.

But what about ATMs? Turns out, we don’t really use the ATM machines that much anymore.

According to recent data from Commsec, ATM use has reached near record lows where ATM withdrawals had fallen by 6.4 per cent in March, compared to a year ago.

Commsec’s Craig James said to ABC News, “For the past four years the number of ATM transactions has been falling in annual terms.”

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He also said that the record falls over the years signals a trend in Australia.

With people shopping with PayPass and Paywave, consumers are carrying less cash, leading economists to speculate on a possible future filled with cashless payment systems.

That means everyone will have to rely on cards or electronic banking.

Many people think that the move will be unfair to those who don’t use electronic banking and that it is not fair to assume that everybody has smartphones and tablets, and internet connection.

If the ATM removals do happen, we could end up asking ourselves – when was the last time you held real cash in your hands?

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Do you like real cash or prefer credit cards or prefer debit cards? Do you think everyone should get on electronic banking?

 

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