Commonwealth bank scraps cash

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society.

This comes after Macquarie Bank announced it would phase out cash and cheque services across all its banking and wealth management products from January to November Smaller banks such as Suncorp, Bank of Queensland and Bendigo Bank also said they had no plans to go cashless. According to the Australian Banking Association ABA , just under 99 per cent of all customer interactions with banks now occur digitally, while more than Australian bank branches closed between and Increasingly, remote communities are relying on banking services provided by Australia Post, which allows people to deposit cash and cheques, withdraw money and make balance enquiries for free. The service is operated by Australia Post at more than rural and remote locations, however, not every outlet participates.

Commonwealth bank scraps cash

The Commonwealth Bank has opened several "cashless" branches where customers will not be able to access their money over-the-counter. By Georgina Cutler. Other "specialist centres", located in Brisbane and Melbourne no longer permit over the counter cash withdrawals and deposits. More than five million adults, including those most vulnerable in our society, still rely on cash in the UK. GB News is putting pressure on the Government to protect the status of cash as legal tender and as a widely accepted means of payment. Strictly Come Dancing. Apple Google Windows Streaming Broadband. Comment Share Next. Facebook Twitter E-mail Copy Link. Commonwealth Bank scraps cash withdrawals and deposits across many branches. Cash transactions are unavailable at several branches. Don't Miss. Trans charities 'turning parents against schools' warns minister amid 'bullying' allegations. Harry and Meghan's royal ban 'quite harsh' as Sussex red line slammed.

Hunky actor shocks fans commonwealth bank scraps cash teasing content of himself 'like you've never seen before' - but there's a catch How the disgraced Slidescarnival of Windsor plotted to usurp the young Princess Elizabeth - while his brother, the King, lay seriously ill GB News is putting pressure on the Government to protect the status of cash as legal tender and as a widely accepted means of payment.

The Commonwealth Bank has opened a number of 'cashless' branches with customers no longer able to access their money over-the-counter. Teller cash transactions are not available at branches including Commonwealth Bank Place in the centre of Sydney along with the nearby South Eveleigh, Barangaroo, Penrith and University of Sydney, which the bank now calls 'specialist centres'. Daily Mail Australia also understands some 'specialist centre' branches in Brisbane and Melbourne no longer permit over the counter cash withdrawals and deposits. Deposits and withdrawals can still be made via on-site ATMs but for those who don't have their bankcard handy things get much more difficult. Over-the-counter cash transactions are not available at some Commonwealth Bank branches, including this one in Barangaroo.

The move came after ANZ also scrapped over-the-counter cash transactions in some branches earlier this year, citing a dramatic fall in demand for in-branch transactions. Customers have made an overwhelming shift to digital, with ABA research also showed that in-person branch transactions fell 46 per cent in the last financial year. Despite this shift, community advocates are concerned that stopping over-the-counter cash transactions will exclude people who may rely on them. With cashless society concerns a hot topic once again, the big branches remain adamant that their branches without over-the-counter transactions are not cashless. ANZ in March revealed customers at some metropolitan branches would no longer be able to deposit or withdraw cash over the counter.

Commonwealth bank scraps cash

Australia's biggest home lender saw its cash profit, based on core operations, rise by six per cent in the year to June 30, figures released on Wednesday said. The Commonwealth Bank told the Australian share market it had reduced occupancy and equipment expenses by three per cent 'primarily reflecting benefits from optimising our digital, branch and ATM network and exiting commercial office space as we continue to consolidate our property footprint'. Teller cash transactions are no longer available at several Sydney branches including Commonwealth Bank Place in Darling Harbour along with nearby South Eveleigh, Barangaroo, the University of Sydney, and outer suburban Penrith, which the bank now calls 'specialist centres'. The cashless approach is also being expanded to some Brisbane and Melbourne 'specialist centre' branches.

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The Hill. Sydney Melbourne Brisbane. Popular searches. Should protests be banned outside Parliament? Strictly Come Dancing. The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM. Full horror of Christian Brueckner's sex crime allegations are revealed in court: Madeleine McCann suspect What it's like to lose your mind Expert who's spent decades exploring 'blue zone' phenomenon reveals why bread and beans could help you live longer Homeowner comes back to his property to find a 30ft broadband pole planted in his front garden Strictly winner Ellie Leach reveals the truth about her relationship with Bobby Brazier as she launches her West End career Are Dragons' Den investments destined for the bargain bin? But Mr Britton said online transactions have opened new frontiers for criminals in terms of the number of people they can target and the vast sums of money they can steal. Advocacy groups for regional Australians have slammed the closures, arguing in-person banking provides essential services to small businesses and vulnerable community members. Left your wallet behind and need cash?

The Commonwealth Bank has opened a number of 'cashless' branches with customers no longer able to access their money over-the-counter. Teller cash transactions are not available at branches including Commonwealth Bank Place in the centre of Sydney along with the nearby South Eveleigh, Barangaroo, Penrith and University of Sydney, which the bank now calls 'specialist centres'.

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