Commonwealth bank scraps cash

This comes after Macquarie Bank announced commonwealth bank scraps cash 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.

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.

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.

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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.

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. Customers at affected branches can access cash through the onsite SmartATMs, with staff available to assist in using the machines. While the expert centres do not offer over-the-counter transactions, they are equipped with smartATMs which customers can use to withdraw and deposit cash. Customers can also withdraw cash from more than 3, Australia Post outlets nationwide via Bank Post. To find out more about how we use cookies, please see our Cookie Guide.

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'.

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Cop is accused of murdering Australian TV presenter and his boyfriend with his police pistol: Former ANZ said in March that it was stripping back some of its services and that certain branches would no longer carrying physical cash. Here's everything you need to know Would YOU try makeup for men? Get instant answers from Ceba our virtual assistant, or connect with a specialist who can message you back. Trans charities 'turning parents against schools' warns minister amid 'bullying' allegations. Cute couples' holidays! Macquarie Bank revealed it will be phasing out cash and cheque services by November Row over proposal for 'exclusion zone' in Westminster after Mystery as police find fifth body in Thames in three weeks as corpse is found on the riverbank in Putney The 20 best shows to watch On Demand this weekend - from Netflix to Channel 4: Our critics sift through Money News Australia World News. Today show host Karl Stefanovic questioned whether some bank branches going cashless was a 'glitch in the matrix'. 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. Research published in January found that physical cash is set to almost vanish from circulation within a decade.

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.

Left your wallet behind and need cash? From sun-kissed Tenerife to the romance of Rome, these are the perfect trips to enjoy together Ad Feature Ellie Goulding hinted at romance with new man Armando Perez weeks ago In June, the CommBank app experienced an outage that lasted hours which prevented customers from accessing their money at all. The pair are believed to have met last December at a party in Mayfair. Macquarie Bank will be phasing out cash and cheque services by November Grime star Wiley forfeits his MBE for 'bringing the honours system into disrepute' after he likened Jews to Tragic victims of Spain's Grenfell: Family of four including two young children, plus elderly couple who Share or comment on this article: Commonwealth Bank scraps over-the-counter cash withdrawals and deposits at many branches across Australia e-mail 2. With Cardless Cash in the CommBank app, you can securely withdraw cash without your card or even arrange for someone else to collect the money for you. We can help Visit your nearest ATM. Homeowner came back to his property to find a foot broadband pole planted in his front garden- and it's Want to live until you're ? Deposits and withdrawals can still be made via on-site ATMs but not without a bank card. 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.