Payment News

Latest Branch Announcement Causes Australian Anxiety

Australia’s Commonwealth Bank is to scrap over-the-counter cash withdrawals at new cashless bank branches. Cash will still be available at ATMs. This is part of a move for branches to focus on ‘complex’ banking including business customers and loan products.

The bank has responded to robust criticism of this change by pointing out there are only a very small number of these specialist centres, that they are only in major metropolitan areas, and all are very close to full-service branches and that Commonwealth Bank maintains Australia’s largest branch network for customers.

The criticism is prompted in part by a wider move by Australia’s ‘big four’ banks, such as ANZ and NAB, to digital banking. Australia has recently announced that by 2030 cheques will be removed from circulation. Organisations representing the elderly and rural areas are particularly concerned. They have also pointed out that there are often fees added onto digital transactions.