Commonwealth Bank scraps cash withdrawals and deposits across many branches
The Commonwealth Bank has opened several "cashless" branches where customers will not be able to access their money over-the-counter
PA/ Reuters
The Commonwealth Bank has opened several "cashless" branches where customers will not be able to access their money over-the-counter.
Cash transactions are unavailable at branches including Commonwealth Bank Place in the centre of Sydney, South Eveleigh, Barangaroo, Penrith and University of Sydney.
Other "specialist centres", located 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 not without a bank card.
Deposits and withdrawals can still be made via on-site ATMs but not without a bank card
PA"Cardless cash" withdrawals of up to $500 a day are available using the CommBank app, but for those who need more funds or don't have their phone with them, their money can't be accessed.
Customers will need to locate a branch that still offers teller transaction.
It comes after GB News launched the Don't Kill Cash campaign to protect vulnerable Britons who rely on cash.
The petition has now reached more than 200,000 signatures and has received political support.
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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.
Last week, the Post Office backed the Don’t Kill Cash petition with Banking Director, Martin Kearsley telling GB News that a recent flurries of bank branch closures have caused the Post Office to step up and take on the role of last bastion of local cash banking.
Kearsley said: “With 5,500 bank branch closures since 2015, 500 more this year, and many more to come - quite often the post office is the last counter in town.
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
PA“We’re the last face-to-face transaction that can be done in any village and increasingly small businesses are turning to the Post Office to bring us their cash, bank it safely and securely into their bank accounts."
Far from a dying transaction form, Kearsley has seen demand for cash from the Post Office “grow significantly” over the past few years, as bank branches close and customers return to cash in the cost of living crisis.
Kearsley claims that £3.5billion is still transacted through the Post Office on a monthly basis, with many families “returning to cash” for its benefits as a “very controllable budgeting tool.”
The Post Office still operates around 11,500 branches across the country, but Kearsley conceded that it is “under pressure like never before.”