Commonwealth bank scraps cash

Karl Stefanovic has called out Commonwealth Bank's decision to open new 'cashless' branches where withdrawals and deposits are not available over the counter. The bank has opened new 'specialist centre' branches, located in metropolitan areas, where access to cash is only available via ATMs.

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. The move is being slammed as one which will have a particularly negative impact in regional areas, and for elderly Australians. As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM. Earlier this year, Commonwealth Bank and ANZ decided to stop handling cash in a few branches, but the move by Macquarie to almost entirely phase out cash is unprecedented. Treasurer Jim Chalmers also announced in June that cheques would be entirely phased out in Australia by

Commonwealth bank scraps 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'. 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. Customers will need to locate a branch that still does offer teller transaction and travel there. The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches. In a statement the bank said: 'Commonwealth Bank has created a very small number of Specialist Centres in major metropolitan areas, which are designed to support personal and business customers with more complex banking needs. All of our Specialist Centres are in major metropolitan locations and very nearby to full-service branches. But many Aussies are outraged by the Commonwealth Bank's decision to open more 'cashless' branches without over-the-counter cash withdrawals and deposits. That's like having a petrol station with no fuel! Do they expect people to call into the branch just to say hi and have a chat,' one said. But CommBank isn't the only one, with the shift to cashless branches at another of Australia's 'big four' banks happening earlier the year with very little warning. Pictured are workers at a cashless Commonwealth Bank branch in Penrith. Deposits and withdrawals can still be made via on-site ATMs.

Some have also argued a move away from cash payments makes it harder for hard-pressed families to budget as its easier to lose commonwealth bank scraps cash of spending when its not a tangible currency you can see in your wallet or purse. Macquarie Bank revealed it will be phasing out cash and cheque services by November

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. As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. A survey by the Reserve Bank of Australia found that 18 per cent of respondents aged over 65 were classified as high cash users. Earlier this year, Commonwealth Bank and ANZ decided to stop handling cash in a few branches, but the move by Macquarie to almost entirely phase out cash is unprecedented. Treasurer Jim Chalmers also announced in June that cheques would be entirely phased out in Australia by Receive the top stories in our weekly newsletter Sign up now. Tagged with: aged care bank cash national seniors australia.

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. This occurred after the Reserve Bank of Australia raised interest rates in June by another quarter of a percentage point to an year high of 4. The Commonwealth Bank has passed on, in full, every official increase. Outside of RBA moves, the Commonwealth Bank has also hiked variable mortgages, slugging new customers. The bank told investors it had low arrears rates, where borrowers are 30 days or more behind on their monthly repayments.

Commonwealth bank scraps 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'. 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. Customers will need to locate a branch that still does offer teller transaction and travel there. The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches. In a statement the bank said: 'Commonwealth Bank has created a very small number of Specialist Centres in major metropolitan areas, which are designed to support personal and business customers with more complex banking needs.

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Do you have an idea for a story? How the disgraced Duke of Windsor plotted to usurp the young Princess Elizabeth - while his brother, the King, lay seriously ill 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 Hill. CommBank Search. TUI Booking. Hunky actor shocks fans by teasing content of himself 'like you've never seen before' - but there's a catch At least two people were killed and a crew member was injured on Thursday when a cargo ship rammed into a bridge in southern China, cutting the structure in half, according to Chinese authorities. All of our Specialist Centres are in major metropolitan locations and very nearby to full-service branches. The outage was due to an application that connected CBA's in-house systems, and was not connected to a cybersecurity incident. Evening Standard.

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.

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