February 28, 2024 10:37 am

Aussie bank faces backlash for abandoning cash in some branches

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Angry ANZ customers are expressing dissatisfaction with the bank, accusing it of discontinuing cash services for smaller denominations in specific branches.

According to reports, these customers claim that ANZ branches no longer facilitate over-the-counter coin deposits, and $5 notes can no longer be withdrawn in person. Some allege that certain branches have also imposed limits on the number of notes customers can deposit daily.

ANZ defended its position, stating that at “full service branches and business cash hubs,” all Australian coin and note denominations are still accepted.

However, at some branches, the handling of cash by staff has ceased. This move comes amidst Australia’s ongoing debate about transitioning into a cashless society.

Critics argue that such measures disproportionately affect small businesses, a point acknowledged by ANZ CEO Shayne Elliott during a recent Senate hearing on bank closures.

While other major banks like NAB, Westpac, and Commonwealth Bank affirm their continued acceptance of cash deposits and withdrawals of all denominations, ANZ customers remain concerned about the broader implications of the shift away from cash transactions, including potential fees on EFTPOS transactions.



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Original Source: Aussie bank faces backlash for abandoning cash in some branches

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