ANZ outrage after major bank ditches cash at several branches – with coin deposits no longer accepted and a limit put on notes
ANZ has announced that staff will “no longer handle cash” at several of its branches, sparking customer outrage.
Australians with a major bank said they were unable to deposit or withdraw $5 coins and notes at some branches.
One customer stated that their local bank no longer accepts coins through the teller and has since placed a limit on the number of notes that can be deposited.
An ANZ customer, who wished to remain anonymous, said he was told his local branch was no longer handling $5 notes and coins.
They were advised to go to another branch and get the $1 and $2 coins they needed.
“As a nonprofit, we take receipts and deposit them into our account every month—and we get a lot of $5 bills,” the customer said. news.com.au.
“Let’s hope other banks don’t follow suit.”
ANZ has announced that staff will “no longer handle cash” at several of its branches, sparking customer outrage.
A customer who fears they will be charged “unfair” extra fees when using the card said they were advised to contact the banking ombudsman after they complained via email.
An ANZ spokesperson said that “at our full service branches and cash centers we accept deposits and issue withdrawals for all Australian coins and banknotes” but that “in some of our branches our staff will no longer handle cash.” .
ANZ chief executive Shane Elliott told a Senate hearing on regional branch closures in September that small business owners are the people who predominantly visit physical branches to deposit cash.
“They use it because it is still a way to access and transact with cash,” Mr Elliott told the investigation.
It comes as fears grow that Australia is moving away from physical money for good and forming a “cashless society” in which notes and coins will no longer be legal tender.
The Australian Competition and Consumer Authority (ACCC) clearly states on its website that businesses should not accept cash.
“Businesses should have a clear understanding of the types of payments they accept and the total amount payable,” the ACCC website says.
“When using a payment method other than cash, consumers should read all terms and conditions carefully.”
Thousands of ATMs have been phased out in Australia and the number of ATMs has more than halved over the past five years.
The number of bank branches also fell from 5,694 to 4,014 over the same period as more and more Australians opted to use online banking.
The Covid-19 pandemic has also caused Australians to withdraw cash from ATMs and make cash transactions much less frequently over the past three years.
There are 2083 ATMs in New South Wales, up from 4433 in 2017. Victoria also saw the number of ATMs halve from 3382 to 1725 over the same period.