ANZ quietly removes cash deposits and withdrawals from some branches
ANZ Bank has removed personal money services from some of its Sydney branches following similar moves by Commonwealth Bank and NAB.
Customers will have to use ATMs for cash at Carlingford, Balmain, Revesby, St Ives and Manly branches from March 18, although staff will still be on hand to deal with business or loan queries.
2GB’s Ben Fordham on Tuesday accused the bank of using it as a way to “close stealth branches” as cash goes digital. Over the past six years, more than 2,100 bank branches have closed in Australia, of which 287 are ANZ locations.
National Senator Matt Canavan criticized the bank’s move, saying that if they offer transaction accounts to customers, they should be able to access their money the way they want.
“I don’t think these banks are living up to their side of the deal,” he further said 2GB.
ANZ Bank has suspended teller operations at a number of branches in Sydney, where customers must use ATMs to withdraw or deposit money
Senator Canavan said customers who deposit money into a bank should be able to withdraw it in the way they want.
“It seems like they’re limiting your options to that. Just look at transfers between banks: they still take a business day to be processed.
‘The banks pay interest the longer you keep your money with them. Even that short period, if you scale it up to all their customers, is a lot of money.
“You have to wonder if this is actually all a commercial decision to make more money from us.”
Commonwealth Bank announced last week it would close a further three of its branches by March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney’s east.
The week before, NAB announced it would close 13 branches this year, and CBA-owned Bankwest will close two more branches.
Senator Matt Canavan is leading an investigation into the closure of bank branches nationwide
In addition to banks, companies are also increasingly using swipe or tap-and-go-only transactions, which incur invisible costs with every purchase.
Last week, Queensland MP Bob Katter complained when his $50 note was rejected at a cafe in Parliament House.
“The words legal tender don’t seem to mean anything anymore, what’s the value of the dollar if you can’t buy things?” Senator Canavan said that.
A sign at the Carlingford branch to inform customers of the change
An ANZ spokesperson assured customers that they can still complete cash and check transactions using smart ATMs at these branches.
‘At some of our metropolitan branches, staff will focus on talking to our customers about their banking needs, especially the big financial decisions such as borrowing for a new home or accounts for a new business.
The bank said staff will be on hand to assist customers who need assistance using electronic platforms.
The spokesperson said ANZ has seen a 50 per cent decline in the number of cash transactions at branches within their network over the past four years.
Last year ANZ made a record annual profit.
ANZ Group said it has added $8 billion in customer deposits to its retail and commercial divisions in Australia.
Senator Canavan is currently leading a Senate inquiry into bank branch closures in regional Australia and said he will also raise concerns about city branch closures when the inquiry reconvenes on February 21.
ANZ is the only major bank not to allow customers to bank at their local post office after negotiations with Australia Post over their Bank@Post service collapsed.