ANZ stops handling cash at certain branches
ANZ has confirmed cash handling has ceased at some of its branches.
Some ANZ customers may find they can no longer access cash services from branch workers in Victoria.
After a listener wrote in to 3AW’s Neil Mitchell, he reached out to the bank to ask why customers couldn’t access cash at certain branches.
In a statement provided to the radio station, ANZ Victoria and Tasmania general manager Cameron Home said “a small number” of branches “no longer handle cash at the counter”, but didn't reveal just how many branches were impacted.
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“At these branches, cash and cheque deposits and cash withdrawals continue to be possible through a smart ATM and coin-deposit machines,” the statement said.
The statement said workers at the affected branches would turn their focus away from everyday transactions and instead deal with customers on more complex banking needs.
Is cash dead?
Reserve Bank of Australia (RBA) data revealed the use of cash had been falling significantly over a number of years.
The RBA Consumer Payments Survey found use of cash in retail payments fell from 69 per cent in 2007 to just 27 per cent in 2019.
The survey also found Aussies were using ATMs less frequently, with the number of withdrawals falling 60 per cent since 2008 and the value of withdrawals falling 40 per cent.
“Australian consumers are continuing to switch to electronic payment methods in preference to paper-based methods – cash and cheques – for their transactions,” the survey said.
“Cards are increasingly being used for lower-value transactions, reflecting the adoption of contactless ‘tap and go’ functionality at the point of sale. Although the share of payments made in cash continued to fall, cash was still used for over one-quarter of consumer payments.”
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