The big four banks have reassured customers they will maintain in-branch cash services, following Macquarie Bank’s unprecedented move to phase out cash and cheque services entirely.
Commonwealth Bank, ANZ, NAB and Westpac all confirmed on Friday that there are no current plans to go cashless.
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 2024.
“Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank,” the bank said in a statement.
The changes will also impact customers’ pension and super accounts, while the bank will stop accepting payments via telephone in May next year.
This comes three months after Treasurer Jim Chalmers announced Australia’s cheque system would be wound down “no later than 2030”.
“The Government will work with industry to minimise adverse impacts to consumers and businesses and ensure vulnerable Australians have the assistance they need to switch to other payment methods,” Mr Chalmers said in a statement.
“We understand the change in payment methods that is already underway is difficult for some people, including older Australians, and some small businesses.”
A Commonwealth Bank spokesperson said the bank had “no plans to phase out cash withdrawal and deposit services”, a sentiment echoed by the other big four.
Spokespersons for Westpac, NAB and ANZ said cash services would still be retained at various branches, though cheque systems would be closed by 2030 in line with the government’s Strategic Plan for Australia’s Payments System.
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 1600 Australian bank branches closed between 2017 and 2022.
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 1800 rural and remote locations, however, not every outlet participates.
A Senate inquiry into regional and rural bank closures held earlier this year found there had been a 30 per cent drop in the number of bank branches in Australia over the past five years, a third of which were in regional and remote areas.
Advocacy groups for regional Australians have slammed the closures, arguing in-person banking provides essential services to small businesses and vulnerable community members.
Commonwealth Bank, ANZ, NAB and Westpac all confirmed on Friday that there are no current plans to go cashless. 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 2024.
Bankwest closes EVERY branch as it scraps cash and becomes 'digital only' - here's what it means for you. Commonwealth Bank is closing all branches of its subsidiary Bankwest, which will become a digital only financial institution.
Commonwealth Bank, Westpac, National Australia Bank, and Australia and New Zealand Banking Group (ANZ) are known as Australia's Big Four banks by virtue of their market share and market value.
The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.
The big four banks have reassured customers they will maintain in-branch cash services, following Macquarie Bank's unprecedented move to phase out cash and cheque services entirely. Commonwealth Bank, ANZ, NAB and Westpac all confirmed on Friday that there are no current plans to go cashless.
More than half of all bank branches no longer handle cash. Seven out of ten consumers say they can manage without cash, while half of all merchants expect to stop accepting cash by 2025 (Arvidsson, Hedman, and Segendorf 2018).
The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November.
Cash App, a financial services platform developed by Square, Inc.. Cash App partners with two FDIC-insured banks such as: Lincoln Savings Bank and Sutton Bank, to provide users with banking functionalities such as debit cards, direct deposit, and bill pay.
Before Silicon Valley Bank collapsed in March, it had been 28 months since a U.S. bank went up in smoke — the longest stretch without a failure in more than 15 years. SVB's unexpected demise kicked off a historic year for bank failures .
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
FARM CREDIT BANK OF TEXAS. Farm Credit Bank of Texas is the fourth member of the U.S. Farm Credit System, providing wholesale lending and business services in states like Texas, Alabama, and New Mexico.
Our recent MarketWatch Guides consumer banking survey shows that 64% of Chase customers are extremely satisfied with their banking experience. Chase best suits customers who prefer many branch and ATM options, want a solid digital banking experience and can meet requirements to get monthly account fees waived.
Londoners are moving away from cash faster than the rest of the country, according to new data. Figures from Link, the firm behind the majority of the UK's cash machine network, shows the capital's residents and workers are taking out £500m less every month from machines compared to pre-pandemic levels.
The fear of transmission coupled with lockdowns and other restrictions led to a boom in online shopping and cashless payments globally. As consumers continue to embrace the legacy of the pandemic and a surge in finance technologies, cash payments are expected to continue to decline in the coming years.
The US is moving toward cashless payments, with a substantial increase in the use of mobile wallet apps and contactless cards. A report from the Federal Reserve Bank of San Francisco found that payments made using cash accounted for just 18% of all US payments in 2022.
Last week, Chase, one of the largest banks in the US, announced that its customers no longer need a physical debit card as the financial giant has rolled out near-field communications (NFC) to most of its 16,000 automated teller machines in its US network.
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