Bank stops handling cash in some branches as more people go digital

[midian182]

A hot potato: In another example of society's increasing abandonment of cash, some branches of a massive bank have stopped dealing with physical money over the counter. It comes after years of falling ATM use, a trend that drastically accelerated during Covid.

The Australia and New Zealand Banking Group (ANZ), Australia's second-largest bank by assets, recently said that a significant drop in in-branch transactions has led it to stop handling cash at some branches.

ANZ told NCA NewsWire that cash and cheque deposits and cash withdrawals would only be possible at these branches by using the onsite SmartATMs. Bank staff will be on hand to help customers who may have not previously used the machines – instead of handling cash behind the counter, presumably.

The reason behind the decision is that Australia, like the rest of the world, is using less cash. As per The Reg, Australia's Reserve Bank reports that the use of cash in day-to-day transactions has been declining since the mid-2000s.

The number and value of ATM withdrawals in Australia have declined by 60% and 40%, respectively, since 2008. Cash withdrawals took a huge nosedive during the pandemic, and have only slightly recovered since then.

Australians made 75 million ATM withdrawals in the month of December 2008. That felt to just 31 million in February 2021, a slight improvement over the 21 million withdrawals made during the Covid lockdowns.

With more people favoring digital payments over traditional physical methods, ANZ said fewer people are visiting banks, with a 50% decline in in-branch transactions over the last four years. "Only eight percent of our customers solely rely on branches for their everyday banking needs, with the majority preferring online and mobile banking methods," said an ANZ spokesperson, adding that most customers who visit are there to discuss large and complex financial transactions.

We are now at the 'give me convenience or give me death' stage of Western civilisation.

ANZ Bank ends cash withdrawals from its branches - as the end of paper notes looms. It's tap and go from here on in…https://t.co/Y99GQF8Vrd pic.twitter.com/p9vSCZhRVA

— dystopian down under (@dystopian_DU) March 30, 2023

Despite the world moving closer to a cashless society, some Australians have expressed outrage at the bank's decision. "I'll let my 90-year-old Italian grandmother know that she can (no) longer access her own money in a supposedly first world country," one social media user wrote. "It's disgusting, what about the elderly who don't have debit cards and only have bank books?" said another.

But with just 13% of purchases in Australia now using banknotes or coins, plenty of people said they can understand why the bank is making this move.

Back in November, a report suggested that only two states in the US were opposed to a cashless society: Alabama and Delaware. Despite objections, it increasingly looks as if we're rapidly heading in this direction, whether people like it or not.

Permalink to story.

https://www.techspot.com/news/98185-bank-stops-cash-withdrawals-branches-more-people-go.html

 

[Uncle Al]

It will be interesting to see what the Federal Reserve has to say about this since "cash" is the desired tender and those that refuse it can get into some serious trouble if the Fed chooses to press the matter. This does not apply to private businesses that can do whatever they want.

 

[p51d007]

You think you get spammed a lot now? EVERY single thing you do will be known by businesses who will flood you with even more junk mail.
Not to mention once everything is CASHLESS...all the banks/government have to do is flip a switch and your money is gone!

 

[thehacker]

No anonymity anymore. No privacy either.

 

[pcnthuziast]

The mark of the beast is about branding a human as a good that can be bought and sold. Purchased and owned.

 

[Vanderlinde]

Revolution is needed.

 

[psycros]

LOL, their determing which states most want a cashless society based on Tweets??? As in, comments from what was until a recently a government-run propaganda mill? Wow. THANK YOU again, Elon.

 

[yRaz]

I don't like carrying around large sums of cash with me but I always have some cash on me. I don't see a cashless society being possible, all this will do is force people into crypto currencies. I know cash is not king like it once was, but it certainly still means something.

 

[Avro Arrow]

I have in my wallet.... $130. I think that it has been there for about 4 months because I use my CC for everything and pay it off every month. I don't think that a cashless society would be terrible but we would need a way to do commerce between individuals (like selling things that we no longer want).

No anonymity anymore. No privacy either.

Yes, but a cashless society would severely cripple organised crime.

 

[BuckarooBonzaii]

Some steered to digital currency (crypto) in protest of fiat and the central banking system. But the outcome is now worse as CBCD will be your new Lord, more control over your finances and no choices. But then a cashless society would have happened anyway and I believe the IRS would be very happy to have this.

 

[yRaz]

Yes, but a cashless society would severely cripple organised crime.

No it wouldn't, if anything things like crypto currencies make organized crime easier. They would just trade in precious metals or something else worth value. Cash and especially credit cards are a relatively new thing. Precious metals worked for thousands of years with entire empires conquering the world with a precious metal based economy. The conspiracy theorist crowd loves their silver and gold but people forget that it was gold that built the pyramids and it was with silver that Rome conquered the world.

Cash is not the problem, it's failed social policies like the war on drug that cause crime. And there is a problem in poor America that people forget. It is difficult for people in poverty or with bad credit to get bank accounts, it's why you see so many check cashing places in poor communities. It is easy to forget about the logistical issues that cash solves when all of your finances are in order. A reason people get stuck in the poverty trap is that they are unable to get the finances in order if they ever made a major mistake. In my early 20's I was unable to get a bank account until I paid off an overdrafted account in another bank. Working in cash is how I got out of that situation.

I'm starting to ramble but even though I don't use cash now it is important that people still have it. Just because I don't need it does not make it irrelevant for other people or the economy. I don't want to fill out a 1099 form everytime I buy a used piece of furniture or give someone $20 when they pick food up for me.

 

[human7]

Back in November, a report suggested that only two states in the US were opposed to a cashless society: Alabama and Delaware. Despite objections, it increasingly looks as if we're rapidly heading in this direction, whether people like it or not.

I didn't realize a "39.22%" positive Tweet rate was considered acceptance of a cashless society. While I realize that they used sentiment analysis to get to that figure (and thus neutral responses may be part of that percentage but not shown on the Infographic), it still seems misleading to say that only two states were opposed.

 

[Karlos95]

Strange, these "conspiracy theorists" keep getting things right!?

Also, Bitcoin is your friend now.

 

[Gastec]

We supposed to buy skag with a credit card, now, lassie?

 

[Vanderlinde]

Mweh. In Holland the situation is quite more worse then just "less ATM's". You got banks interfere with the transactions you might be getting or doing, and even businesses getting questions like "In 2021 you've recieved 200.000€ from Uber eats, what is that for?" You got supermarkets, Gas stations no longer accepting the "bigger" bills and even places who refuse to accept cash now. Banks are forcing enterpreneurs to transfer to more digital payments now as a so called sollution against crime or money laundry.

A revolution is needed here. Cash payments is a legal right. So is getting cash and paying with cash. There are countries that would set the goverment ablaze if they ever decide to ban cash totally.

 

[OutsiderX]

What about the homeless people or people living in the streets? Not everyone can live without cash. Not only that I prefer to always have some cash on hand, and rather not let uncle Sam see every single transaction I make.

 

[Gastec]

Strange, these "conspiracy theorists" keep getting things right!?

Also, Bitcoin is your friend now.

What has Bitcoin ever done for me?

 

[Karlos95]

What has Bitcoin ever done for me?

Until you buy some, nothing.

 

[brucek]

Sure, I use cash a lot less these days - but on the other hand, on the rare occasion I'm going to a bank, it's probably because I want to withdraw or deposit some.

Not sure I get the point of a bank branch that doesn't deal with cash.

 

[aztecrat]

No anonymity anymore. No privacy either.

Good.

 

[Julnor]

Most of my purchases are digital and then the bills are also digital, however if I am out in person cash makes more sense. If I go to a restaurant with a group of people, many times cash is the best option, especially some of the better foreign/cultural spots which often are cash only. There's also the barber, plumber or contractor, gifts to people, charity to specific individuals or groups, etc. I'm not going to whip my credit card out in a bunch of these scenarios, the anonymity and ease of cash works out better for many of these.

Just because it's a small amount of overall expenditure doesn't mean I want it gone, far from it, it is because it's even more necessary that I'd want it protected.

 

[nismo91]

Cash is no longer king in some places. when I was in brussel and amsterdam I remember some pancake cafes I went do not accept cash. I wonder if it's because the establishment prefer not handling cash (easier for staff) or because the banks went to great length to reduce circulation of cash (e.g. by giving incentives)

 

[amghwk]

At least with hard cash, the thief could be indentifed and caught, if lucky. But going all digital, you are the mercy of thousands of hackers who can fish and transfer the virtual numbers from your account to theirs in seconds. Good luck finding them.

And when spending cash, you don't expose yourself to the eyes who are watching your timeline and history of spending.

 

[guowei0]

It's a challenge for old people who doesn't know about mobile phone and digital wallet.

 

[StrikerRocket]

A cashless society would be very dangerous. No more freedom to do what you want with your hard earned money! And worse, as they're doing in China I heard, they created digital money with a peremption date... I.e. after a certain amount of time, that, of course, you do not define, your money goes poooof! Gone... pure and simple!
The goal is to monitor *every* transaction, to prevent, among other things, financing of illegal activities and terrorisme, as Christine Lagarde (former French minister of budget and FMI chief) said in an informal discussion that was video recorded. Think of it for a second. Banking crash? No problem, let's take all the people's savings! No more bank runs, no more inflation, well, so they think. etc etc. Scary, to say the least...