Yahoo Finance CBA responds to customer uproar over bank going ‘cashless’
A fake Commonwealth Bank screenshot has been doing the rounds, as the major bank says it has “no plans” to go cashless.
A Commonwealth Bank (CBA) screenshot claiming the bank is phasing out ATMs and going cashless has caused outrage among customers, but not everything is what it seems.
The screenshot, which has been widely shared on social media, claims the major bank will be phasing out all ATMs in Queensland by mid-July, with other states to follow.
“We here at Commonwealth Bank look forward to what a Cashless Society will bring to Australia,” the supposed message from the bank reads.
Do you have a story to share? Contact tamika.seeto@yahooinc.com
A CBA spokesperson confirmed the screenshot was fake and debunked the claims made in the image as false.
“This is a fake screenshot,” the spokesperson told Yahoo Finance. “While we’re investing in our digital services, where the majority of customers are engaging with us, we know access to cash remains important and we certainly have no plans to phase out ATMs or stop providing cash.”
RELATED
Fired-up CommBank CEO points finger as banks and supermarkets cop heat
Furious customers closing accounts after Aussie bank shuts all branches: ‘How dare they?’
CBA’s ‘appalling’ move to slash 83 jobs following $5b half-yearly profit
Many customers expressed their outrage over the screenshot - before realising it was fake - with one urging customers to “withdraw” their money from the bank and another calling for a “boycott”.
While CBA has ruled out going cashless or phasing out ATMs completely, the major bank has reduced the number of access points to cash for customers in recent years. In the past five years, the bank has closed 354 branches and 2,297 ATMs across the country.
The Australian Prudential Regulation Authority found a total of 424 branches across providers - or 11 per cent of Australia’s overall branches - had closed in the 12 months to June 2023. This included 122 branches in regional and remote areas. Banks also closed or removed a further 718 ATMs.
Follow us on Facebook, LinkedIn, Instagram and X (Twitter) + subscribe to our newsletter.
It comes as customers were left unable to access their money or make payments, following an outage of CBA's NetBank app on Tuesday night.
Thousands of customers reported being unable to access their online banking, account balances or mobile banking.
The major bank began restoring services at 1:10am on Wednesday but advised customers they may still experience some delays to payments.
CBA subsidiary Bankwest to go fully digital
Commonwealth Bank subsidiary Bankwest announced it would transition to a digital bank in 2024, with 45 branches set to close by October. A further 15 regional branches will be converted into CBA branches by the end of the year.
The bank said its decision was influenced by “rapidly changing customer preferences, with 97 per cent of all Bankwest transactions now completed digitally, and fewer than 2 per cent of customers visiting a branch regularly”.
Some Bankwest customers have decided to close their accounts in protest. One customer told Yahoo Finance she felt the move was “disrespectful” to vulnerable customers who would find it difficult to adapt to online banking.
Fellow Aussie bank Macquarie Bank is currently phasing out offering cash and cheque services, including deposits and withdrawals, to customers at its branches. By November 2024, it will no longer offer cash or cheques and will transition to completely digital payments.