Commonwealth bank scraps cash

The Commonwealth Bank has opened several "cashless" branches where customers will not be able to access their money over-the-counter. By Georgina Cutler. Other "specialist centres", located in Brisbane and Melbourne no longer permit over the counter cash withdrawals and deposits.

This comes after Macquarie Bank announced it would phase out cash and cheque services across all its banking and wealth management products from January to November Smaller banks such as Suncorp, Bank of Queensland and Bendigo Bank also said they had no plans to go cashless. According to the Australian Banking Association ABA , just under 99 per cent of all customer interactions with banks now occur digitally, while more than Australian bank branches closed between and Increasingly, remote communities are relying on banking services provided by Australia Post, which allows people to deposit cash and cheques, withdraw money and make balance enquiries for free. The service is operated by Australia Post at more than rural and remote locations, however, not every outlet participates. A Senate inquiry into regional and rural bank closures held earlier this year found there had been a 30 per cent drop in the number of bank branches in Australia over the past five years, a third of which were in regional and remote areas.

Commonwealth bank scraps cash

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society. As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. A survey by the Reserve Bank of Australia found that 18 per cent of respondents aged over 65 were classified as high cash users. Earlier this year, Commonwealth Bank and ANZ decided to stop handling cash in a few branches, but the move by Macquarie to almost entirely phase out cash is unprecedented. Treasurer Jim Chalmers also announced in June that cheques would be entirely phased out in Australia by Receive the top stories in our weekly newsletter Sign up now. Tagged with: aged care bank cash national seniors australia. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Starting from , Macquarie Bank will move to cashless branches, sparking concern among older Australians. The move means customers wishing to withdraw or deposit cash can only do so via an ATM. Angry customers took to social media to vent their fury at the move. Do you have an idea for a story?

Rhiannon Druce rightGeneral Manager of Junee Licorice and Chocolate Factory, says the move could seriously impact regional businesses.

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society. The move is being slammed as one which will have a particularly negative impact in regional areas, and for elderly Australians. As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM. Earlier this year, Commonwealth Bank and ANZ decided to stop handling cash in a few branches, but the move by Macquarie to almost entirely phase out cash is unprecedented. Treasurer Jim Chalmers also announced in June that cheques would be entirely phased out in Australia by

The move came after ANZ also scrapped over-the-counter cash transactions in some branches earlier this year, citing a dramatic fall in demand for in-branch transactions. Customers have made an overwhelming shift to digital, with ABA research also showed that in-person branch transactions fell 46 per cent in the last financial year. Despite this shift, community advocates are concerned that stopping over-the-counter cash transactions will exclude people who may rely on them. With cashless society concerns a hot topic once again, the big branches remain adamant that their branches without over-the-counter transactions are not cashless. ANZ in March revealed customers at some metropolitan branches would no longer be able to deposit or withdraw cash over the counter. Customers at affected branches can access cash through the onsite SmartATMs, with staff available to assist in using the machines. While the expert centres do not offer over-the-counter transactions, they are equipped with smartATMs which customers can use to withdraw and deposit cash. Customers can also withdraw cash from more than 3, Australia Post outlets nationwide via Bank Post.

Commonwealth bank scraps cash

Australia's biggest home lender saw its cash profit, based on core operations, rise by six per cent in the year to June 30, figures released on Wednesday said. The Commonwealth Bank told the Australian share market it had reduced occupancy and equipment expenses by three per cent 'primarily reflecting benefits from optimising our digital, branch and ATM network and exiting commercial office space as we continue to consolidate our property footprint'. Teller cash transactions are no longer available at several Sydney branches including Commonwealth Bank Place in Darling Harbour along with nearby South Eveleigh, Barangaroo, the University of Sydney, and outer suburban Penrith, which the bank now calls 'specialist centres'. The cashless approach is also being expanded to some Brisbane and Melbourne 'specialist centre' branches. This occurred after the Reserve Bank of Australia raised interest rates in June by another quarter of a percentage point to an year high of 4. The Commonwealth Bank has passed on, in full, every official increase. Outside of RBA moves, the Commonwealth Bank has also hiked variable mortgages, slugging new customers.

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Row over proposal for 'exclusion zone' in Westminster after Frasier reboot renewed for a second season after Kelsey Grammer's 'triumphant' comeback Strictly's Ellie Leach moves to London as blossoming romance with Bobby Brazier heats up All of our Specialist Centres are in major metropolitan locations and very nearby to full-service branches. View all. Other Sport. Watch Listen. Mr Grace has called for more education and advertising to be done by financial institutions to raise awareness of digital apps and how to use them, especially for seniors. Macquarie Bank will be phasing out cash and cheque services by November But moving to digital money in favour of cash also brings with it more risks. Open an Everyday account in under five minutes. Federal Treasurer Jim Chalmers recently announced cheques would be scrapped by Is it available in the UK? However, when Ms Comptyn tried her temporary card at the ATM it repeatedly flashed up an error message. Desperate Housewives star added to fourth season of hit show Meghan back on duty in London by video link : Duchess pops up for surprise engagement to open animal charity wing in honour of late friend Rust armorer Hannah Gutierrez-Reed sobs after handing pistol that killed Halyna Hutchins over to cops: 'I'm so sorry

The Commonwealth Bank has opened a number of 'cashless' branches with customers no longer able to access their money over-the-counter.

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