Australia’s big four banks say they are committed to providing cash services to customers, despite some branches no longer offering over-the-counter transactions.
Commonwealth Bank last week announced cash would no longer be available over the counter at a number of branches as the major bank shifted to “specialist centres” that support customers with “more complex banking needs”.
WATCH THE VIDEO ABOVE: Commonwealth Bank makes major change to over-the-counter cash withdrawals.
The move came after ANZ also scrapped over-the-counter cash transactions in some branches earlier this year, citing a dramatic fall in demand for in-branch transactions.
Customers have made an overwhelming shift to digital, with 98.9 per cent of total banking transactions made online and via apps last year, according to the Australian Banking Association.
ABA research also showed that in-person branch transactions fell 46 per cent in the last financial year.
The Reserve Bank of Australia’s latest consumer payments survey released this month also found Australians are using cash less frequently in day-to-day transactions, with only about 13 per cent of payments made using cash last year — compared to about 70 per cent of payments in 2007.
Despite this shift, community advocates are concerned that stopping over-the-counter cash transactions will exclude people who may rely on them.
“Senior citizens, new migrants, people who are disabled, they do need face-to-face help, there’s a danger here of excluding some elements of our society,” Swinburne University technology professor Steve Worthington told 7NEWS earlier.
With cashless society concerns a hot topic once again, the big branches remain adamant that their branches without over-the-counter transactions are not cashless.
ANZ in March revealed customers at some metropolitan branches would no longer be able to deposit or withdraw cash over the counter.
Customers at affected branches can access cash through the onsite SmartATMs, with staff available to assist in using the machines.
“At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally,” a spokesperson told 7NEWS.com.au.
“At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our SmartATM and coin deposit machines, and we have staff on hand to help customers to use them.”
Commonwealth Bank’s specialist centres in Brisbane, Melbourne and Sydney also offer ATMs where customers can withdraw and deposit money through the bank’s app using cardless cash, their card, or account details.
The “very small number” of new centres offer general customer assistance and help with home loans, business loans and saving goals.
NAB customers can also withdraw and deposit cash at all branches, with most also offering ATMs.
7NEWS.com.au understands the bank has a small number of expert centres, similar to Commonwealth’s specialist centres, that offer support for services such as home loans, refinancing or opening new accounts.
While the expert centres do not offer over-the-counter transactions, they are equipped with smartATMs which customers can use to withdraw and deposit cash.
Customers can also withdraw cash from more than 3,400 Australia Post outlets nationwide via Bank@Post.
7NEWS.com.au understands all Westpac branches offer over-the-counter cash services.
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