Australians are warned to reserve if they want to make cash withdrawals as banks go digital
- ANZ and NAB no longer allow withdrawals
- Banks are shifting to the digital age
- A QLD woman was denied cash by her bank
More Australian bank branches are banning cash withdrawals, and customers are now being advised to call ahead if they want a large sum from a teller.
ANZ and NAB have announced that they will no longer allow over-the-counter cash withdrawals at some of their outlets as more banking is done online than with cash.
The move comes after Queensland woman Taryn Comptyn was unable to withdraw cash from her local bank branch and ended up having her account closed in a now-viral TikTok clip.
Commonwealth Bank and Westpac have no limits on teller withdrawals.
But RateCity’s director of research, Sally Tindall, said major banks now advise customers to call a branch beforehand if more than $10,000 in cash is needed to buy a used car, so they can give sellers tickets. who are wary of PayID scams.
ANZ and NAB have announced that they will no longer allow over the counter cash withdrawals at some of their branches
“They really emphasized the need to call ahead if you’re going to be withdrawing significant amounts of money,” he told Daily Mail Australia.
‘If you’re withdrawing amounts over $10,000, it’s worth calling ahead to make sure they have the money available at that branch.
“When you talk about buying and selling second hand items, there are so many scammers trying to rip you off with the latest PayID scam, many people on Facebook Marketplace say, ‘No PayID’.
Canstar group financial services executive Steve Mickenbecker said holding large amounts of cash in a branch posed a security risk as more banks went digital.
“It’s not surprising that they have a lot less cash – it’s a security risk and money dead in a vault somewhere,” he told The Australian.
In her TikTok video, Ms Comptyn went to her ANZ branch to withdraw $3,500 to pay for renewals, but did not have her ATM card handy.
“I thought ‘okay,’ I’ll just go to the ATM,'” he said in the clip.
‘The teller proceeds to tell me that they don’t have cash in the bank anymore, you can only get it through the ATM, but she said ‘don’t worry, I’ll set you up with a card so you can touch it instead of your card.’
However, when Ms Comptyn tried her temporary card at the ATM, an error message repeatedly appeared.
The ANZ first announced in March that some of its outlets in Victoria would stop dispensing cash.
The bank did not disclose which branches would be affected and insists only a “small number” would be involved.
ANZ said only eight percent of its customers use branches to access their money, with the vast majority switching to internet banking.
However, critics warned that the move to cashless banks could cause significant harm to seniors and people with disabilities who still rely on branches and physical cash.
The number of bank branches in Australia has fallen by 30 per cent in the last five years.
And ATMs have declined further, with figures showing they have fallen from a high of 14,000 in 2017 to around 6,000 last year.
The Reserve Bank estimated that only 13 percent of transactions at the end of 2022 were in cash, a halving in just three years since the start of the covid pandemic.
ANZ has been contacted for comment.
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Source: tit.edu.vn
