One of the country’s biggest banks has halted the handling of cash at some branches, citing a significant drop in in-branch transactions.
ANZ told NCA NewsWire on Thursday that some services would be stripped, confirming customers would not be able to withdraw cash over the counter in some locations.
Alternatively, staff members will assist customers in using onsite Smart ATMs and coin deposit machines.
“There are a small number of branches where we no longer handle cash at a counter,” an ANZ spokesperson said.
“At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our Smart ATM and coin deposit machines and we have staff on hand to help customers that might be using them for the first time.”
While only 8 per cent of ANZ customers “solely rely” on branches for everyday banking needs, some critics have warned this may disproportionately affect vulnerable members of the community, such as those with disabilities or the elderly.
“Our customers are changing how they bank, with more than a 50 per cent decline in in-branch transactions across ANZ over the past four years,” the spokesperson said.
“The majority prefer online and mobile banking methods.”
ANZ said while customers still attended branches, they were usually those discussing larger and more complex financial decisions.
There has been a 30 per cent decline in the number of bank branches over the past five years, with even higher rates for remote areas.
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