‘We can’t go cashless’: Cash must remain accessible in regional SA

Another bank’s plan to go cashless has sparked new appeals for the institutions to stop and consider one group being left behind.

BankSA – who claims the state’s largest network of branches – confirmed it had no plans to go cashless.

Bank branches must continue to deal in hard currency across the state’s regional centres where “cash is still king”, say country customers.

The concern comes after a shock decision by Macquarie Bank to scrap cash in all of its branches across Australia next year.

BankSA, who has the state’s largest network of branches, confirmed it had no plans to go cashless, but pressure has been building on regional residents – particularly the elderly – who prefer to deal in cash.

Bank branch closures have been common in rural areas, with Tailem Bend’s BankSA having closed in February this year and Mannum’s BankSA shut up shop in December 2022.

In such areas, post offices have stepped up to handle local personal business and banking.

Jason Kiddie, from Tailem Bend Post Office, said while he was able to pick up the slack and provide business and personal banking services, it was crucial cash banking remained available for those in regional areas.

While BankSA – who claims the state’s largest network of branches – confirmed it had no plans to go cashless, pressure has already been mounting on regional residents – particularly the elderly – who prefer to deal in cash.

“Regional towns like Tailem Bend have an aged population and a lot of the older people like cash money,” he said.

“In towns like Mannum, Meningie people like to have their cash so they can budget … they also can’t just travel to a branch so easily.”

A BankSA spokesperson said customers would continue to have full access to cash services at its branches.

“Our customers can access over the counter cash services at all Westpac Group branches (including BankSA) five days a week, and at more than 3,500 Australia Post outlets nationwide through our partnership with Bank@Post,” a BankSA spokesperson.

In May, Westpac made a decision to hold off on closing the Kingston BankSA branch, following a commitment to halt regional bank closures while the federal parliament’s Rural and Regional Affairs and Transport Committee undertakes an inquiry into regional bank closures.

Member for Barker Tony Pasin has been campaigning for the reopening of banks in communities such as Naracoorte, Bordertown, Kapunda, Millicent, Penola, Renmark and Tailem Bend

The committee is due to hand down its report by December 2023 in relation to bank closures in regional Australia and the economic and social impacts of the closures and the removal of face-to-face cash services on access to cash.

Macquarie Bank defended its decision, saying the vast majority of its customers already banked digitally and only around one per cent used cash or cheques.

“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and convenient way to bank,” a Macquarie Bank spokesperson said.

Macquarie Bank’s decision to phase cash out across their branches has been slammed by finance experts, including Sarah Wells warned that he move could be the first step towards a cashless society.