ANZ bank secretly scraps cash services at multiple city locations
One of the nation’s biggest banks has made a major call on cash transactions, with many Aussies up in arms over the decision.
Banking
Don't miss out on the headlines from Banking. Followed categories will be added to My News.
One of the big four banks has been slammed for removing cash services from multiple Sydney branches.
The outrage has played out off the back of a mass branch exodus for all of the major financial institutions with more than 2100 branches closed across the country over the last six years.
ANZ customers who frequent the bank’s Carlingford branch, northwest of Sydney, were shocked to find a notice taped to the front door announcing the major change to its services.
From March 18, the bank will scrap over the counter deposits and withdrawals at their Balmain branch, following St Ives and Manly branches which transitioned to this format over the last 12 months.
An ANZ spokesperson assured customers they will still be able to complete cash and cheque transactions using Smart ATMs and coin deposit machines located inside these branches.
“At some of our metropolitan branch 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,” the spokesperson said.
The bank will have staff on hand to help customers needing assistance.
The spokesperson said ANZ have seen a 50 per cent decline in in-branch transactions across their branch network over the past four years.
Nationals Senator Matt Canavan criticised the bank’s move saying if they are offering transaction accounts to customers, they need to be able to access their funds.
“I don’t think these banks are living up to their side of the deal,” he said on 2GB radio station on Tuesday.
“You should be able to withdraw money whenever you like. They seem to be restricting your ability to do that.
“They make money the longer you keep your money with them and you’ve got to wonder whether this is actually just a commercial decision to make more money of us.”
Mr Canavan is currently leading a senate inquiry into branch closures in regional Australia and said he will be raising concerns about this latest development when the inquiry next meets on February 21.
ANZ is the only major bank that does not allow customers to bank at their local post offices after they failed to come to an agreement with Australia Post on their Bank@Post service.
Commonwealth Bank announced last week that it would close three more branches before March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney’s east.
The week prior, NAB announced it would close 13 branches this year, and Bankwest, which is owned by CBA, will close two more branches.
Originally published as ANZ bank secretly scraps cash services at multiple city locations
Chalmers the stock picker makes a bad call
The Future Fund has thrived by having the independence to make its own financial calls. The Treasurer wants to trash this with his own risky bets.
Customers left fuming over bank’s move
Residents in Greater Western Sydney have hit out at big banks for shutting branches without consultation, which an MP argued was “destroying the local business community”.