Cashless ANZ move: now Westpac, NAB, CBA reveal plans

ANZ says some branches will be cashless in a move critics argue will hurt vulnerable Australians – but will other big banks follow?

Australia's four big banks have revealed plans for cash following ANZ’s move to limit transactions in some branches. Picture: NCA Newswire

A major bank will end the handling of cash by branch employees and instead turn customers to ATMs and deposit machines in a controversial move critics say will further marginalise vulnerable people.

ANZ has revealed customers at some branches are no longer able to deposit and withdraw cash over the counter, with staff instead assisting people using onsite ATMs and coin deposit machines.

However, an ANZ spokesman declined to reveal what branches no longer offered the service and whether a ban on in-branch cash transactions would extend around the nation. 

“There are a small number of branches where we no longer handle cash at a counter,” he said.

“At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our Smart ATM and coin deposit machines and we have staff on hand to help customers that might be using them for the first time.”

it comes amid a 30 per cent decline in the number of bank branches over the past five years with more than 1600 closed – many in remote areas.

The number of ATMs across the country has also plunged, with Australian Prudential Regulation Authority figures revealing the number of machines has more than halved from 13,814 in 2017 to 6412 in June last year.

ANZ said only about 8 per cent of its customers “solely rely” on branches for everyday banking, however critics warn the latest move could disproportionately affect older people and those with a disability. 

“Our customers are changing how they bank, with more than a 50 per cent decline in in-branch transactions across ANZ over the past four years,” the bank spokesman said.

“The majority prefer online and mobile banking methods.”

ANZ said staff would instead focus on assisting customers with larger and more complex financial decisions.

The latest shift to a digital currency economy by ANZ could spread, with the nation’s largest financial institution, Commonwealth Bank, declining to reveal its plans for in-branch cash transactions. 

ANZ says some branches will stop trading cash over the counter. Picture: Britta Campion / The Australian

Questions to CBA about whether it would continue to offer face-to-face cash services went unanswered, with a spokesman instead declaring branch staff were “available to interact and engage with customers directly, as well as provide guidance on products and the use of technology in branch”.

“Commonwealth Bank invests significantly into its branches to provide a range of services, access to cash, products, and technology for our customers,” he said.

NAB, Australia’s second-largest bank with a market capitalisation of $84bn, said its branch employees still handled cash and had no plans to change.

However, the spokesman acknowledged the use of in-branch cash services were generally declining.

A Westpac spokesman insisted the bank had no plans to wind back access to cash through its branches. 

“Our customers can access over the counter cash services at all Westpac Group branches five days a week and at more than 3500 Australia Post outlets nationwide through our partnership with Bank@Post,” he said.

Council of the Ageing Australia chief executive officer Patricia Sparrow said ANZ’s move was born from a misplaced assumption that “everyone can go digital”.

“A lot of older Australians are not comfortable digitally because they’re worried about scams or they just don’t have the skills,” she said. 

“Provision of support for people using technology is always welcome, but if they (ANZ) are using staff to do that I’m not sure why they can’t continue to trade over the counter,” she said.

Ms Sparrow said a completely cashless society was “just not going to be feasible” while an ageing population continues to use notes and coins. 

Originally published as Cashless ANZ move: now Westpac, NAB, CBA reveal plans