The large 4 banks have reassured prospects they’ll keep in-branch money providers, following Macquarie Bank’s unprecedented transfer to section out money and cheque providers fully.
Commonwealth Bank, ANZ, NAB and Westpac all confirmed on Friday that there aren’t any present plans to go cashless.
This comes after Macquarie Bank introduced it might section out money and cheque providers throughout all its banking and wealth administration merchandise from January to November 2024.
“Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank,” the financial institution mentioned in an announcement.
The modifications may also affect prospects’ pension and tremendous accounts, whereas the financial institution will cease accepting funds by way of phone in May subsequent yr.
This comes three months after Treasurer Jim Chalmers introduced Australia’s cheque system can be wound down “no later than 2030”.
“The Government will work with industry to minimise adverse impacts to consumers and businesses and ensure vulnerable Australians have the assistance they need to switch to other payment methods,” Mr Chalmers mentioned in an announcement.
“We understand the change in payment methods that is already underway is difficult for some people, including older Australians, and some small businesses.”
A Commonwealth Bank spokesperson mentioned the financial institution had “no plans to phase out cash withdrawal and deposit services”, a sentiment echoed by the opposite large 4.
Spokespersons for Westpac, NAB and ANZ mentioned money providers would nonetheless be retained at varied branches, although cheque techniques can be closed by 2030 in step with the federal government’s Strategic Plan for Australia’s Payments System.
Smaller banks equivalent to Suncorp, Bank of Queensland and Bendigo Bank additionally mentioned that they had no plans to go cashless.
According to the Australian Banking Association (ABA), just below 99 per cent of all buyer interactions with banks now happen digitally, whereas greater than 1600 Australian financial institution branches closed between 2017 and 2022.
Increasingly, distant communities are counting on banking providers supplied by Australia Post, which permits folks to deposit money and cheques, withdraw cash and make stability enquiries without cost.
The service is operated by Australia Post at greater than 1800 rural and distant areas, nonetheless, not each outlet participates.
A Senate inquiry into regional and rural financial institution closures held earlier this yr discovered there had been a 30 per cent drop within the variety of financial institution branches in Australia over the previous 5 years, a 3rd of which had been in regional and distant areas.
Advocacy teams for regional Australians have slammed the closures, arguing in-person banking offers important providers to small companies and susceptible neighborhood members.
Source: www.perthnow.com.au
