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Home » ANZ Halts Cash Withdrawals In Some Branches Amid Public Outcry

ANZ Halts Cash Withdrawals In Some Branches Amid Public Outcry

Van Tran by Van Tran
April 3, 2023
in Policy & Regulation
ANZ Halts Cash Withdrawals In Some Branches Amid Public Outcry
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ANZ, one of Australia’s “Big Four” banks, will halt withdrawals and deposits at several branches to encourage customers to use an ever-shrinking number of ATMs and deposit machines.

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Critics, such as Patricia Sparrow, chief executive officer of the Council on the Ageing, said that the decision could disproportionately affect elderly persons less capable of going digital. Others suggested it would increase the susceptibility of fiat consumers to technical issues. The move has also rekindled concerns that eliminating currency is on the horizon and that central bank digital currencies (CBDCs) will replace it.

The end of cash is near.

They are trying to go all digital, and then bring in the Central Bank Digital Currency (CBDC) to be programable so they can control how you spend your money.

Eventually they will be able to make your CBDC money expire or disallow certain products. pic.twitter.com/8O27nn4iYe

— Wall Street Silver (@WallStreetSilv) March 29, 2023

According to an ANZ spokesperson, the affected branches are all metropolitan branches with adjacent ATMs and deposit machines. The decision was partly prompted by a 50% decline in in-branch transactions over the past four years.

Australia is progressively transitioning to a cashless society. The percentage of retail payments made with currency decreased from 59% in 2007 to just 27% in 2019, according to a Reserve Bank of Australia bulletin released on March 16.

The RBA noted that the results of its 2022 survey would be made available later this year. However, the COVID-19 pandemic has only accelerated the trend, with businesses contributing to the change.

The RBA also noted a decline in ATMs and bank branches across the country, with bank branches decreasing by 30% since 2017 and ATMs declining by 25% since 2016.

One of the primary concerns regarding replacing cash with CBDCs is the potential impact on individual liberty and privacy, as cash transactions provide anonymity and the ability to conduct transactions without leaving a record.

A CBDC pilot program is underway in Australia, with an update expected around the middle of 2023. The RBA has identified that it could displace the Australian cash dollar as one of its consequences.

In an email response to our queries, a spokesperson for another of the Big Four institutions, NAB, somewhat allayed these concerns by stating:

“NAB still handles cash at our branches, and we have no plans to change. Cash will continue to play an important part in Australian society for as long as our customers want it to.”

CBA and Westpac, the other two Big Four banks, did not reveal any further information, but Westpac told The Australian that it had no intentions to restrict access to currency through its branches. A spokesperson for the CBA provided a significantly more equivocal response.

Tags: Feature
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

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