Sydney ANZ branches to scrap cash services

One of Australia’s big four banks has announced it will remove cash services from multiple Sydney branches.

ANZ said it will scrap withdrawals and over the counter deposits at a number of branch locations including Balmain, Revesby, St Ives and Manly.

Just eight per cent of customers solely rely on these branches for their everyday banking needs, with many shifting to online and mobile banking, according to the bank.

The bank explained it has seen a more than 50 per cent decline in in-branch transactions over the past four years.

“Overwhelmingly, our customers prefer to access cash via our large ATM network,” ANZ said.

“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.”

Customers can still make cash and cheque deposits and cash withdrawals using ANZ’s Smart ATM and coin deposit machines.

The announcement follows similar moves from major banks, as they adjust to changing customer preferences for ATMs, digital transactions and payments.

Last year, ANZ also scrapped over-the-counter cash transactions at a handful of metropolitan branches, citing a dramatic fall in demand for in-branch transactions.

Similarly, Commonwealth Bank last year 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”.

The Reserve Bank of Australia’s consumer payments survey released in December 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.