Australians are warned to make bookings if they want to make cash withdrawals as banks go digital
- ANZ & NAB no longer permit withdrawals
- Banks are shifting to the digital age
- QLD woman was denied cash by her bank
More Australian bank branches are banning cash withdrawals, with customers now advised to call ahead if they want a large sum from a teller.
ANZ and NAB have announced they were no longer permitting cash withdrawals over the counter at some of their outlets as more banking is done online than with cash.
The move comes after Queensland woman Taryn Comptyn was unable to withdraw cash from her local bank branch and ended up closing her account in a now-viral TikTok clip.
The Commonwealth Bank and Westpac don’t have limits on over-the-counter withdrawals.
But RateCity research director Sally Tindall said the major banks were now advising customers to call a branch beforehand if more than $10,000 in cash was needed to buy a used car, so they could give banknotes to sellers wary about PayID scams.
ANZ and NAB have announced they were no longer permitting cash withdrawals over the counter at some of their branches
‘They really did emphasise the need to call ahead if you’re going to take out significant amounts of money,’ she told Daily Mail Australia.
‘If you’re taking out amounts that are over $10,000, it’s worth calling ahead to make sure that they have the money available in that branch.
‘When you’re talking about buying and selling secondhand items, there’s so many scammers out there trying to rip you off with the latest pay ID scam, a lot of people on Facebook Marketplace say, “No PayID”.’
Canstar group executive financial services Steve Mickenbecker said holding large amounts of cash in a branch posed a security risk as more banks went digital.
‘It’s not surprising that they are holding a lot less cash – it’s a security risk and dead money sitting in a vault somewhere,’ he told The Australian.
In her TikTok video, Ms Comptyn went to her ANZ branch to withdraw $3,500 to pay for renovations but did not have her ATM card handy.
‘I thought “that’s fine” I will just go to the teller’,’ she said in the clip.
‘The teller proceeds to tell me they don’t have cash in the bank anymore, that you can only get it out through the ATM but she said “don’t worry I’ll set you a card up so you can just tap it in place of your card”.’
However, when Ms Comptyn tried her temporary card at the ATM it repeatedly flashed up an error message.
The ANZ first announced back in March that some of its outlets in Victoria would longer dispense cash.
The bank did not disclose which branches would be affected and insists only a ‘small number’ would be involved.
ANZ said that only eight per cent of its customers use branches to access their money, with the vast majority having switched to internet banking.
However, critics warned the move to cashless banks could cause significant harm to older people and those with disabilities who still rely on branches and physical cash.
The number of bank branches in Australia has fallen by about 30 per cent in the past five years.
And ATMs have decreased even more, with figures showing that they have fallen from a high of 14,000 in 2017 to around 6,000 as of last year.
The Reserve Bank estimated just 13 per cent of transactions in late 2022 were in cash, a halving in just three years since the start of the Covid pandemic.
ANZ has been contacted for comment.