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, commonwealth bank scraps cash, which the bank now calls 'specialist centres'.

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. Strictly Come Dancing.

Commonwealth bank scraps cash

Karl Stefanovic has called out Commonwealth Bank's decision to open new 'cashless' branches where withdrawals and deposits are not available over the counter. The bank has opened new 'specialist centre' branches, located in metropolitan areas, where access to cash is only available via ATMs. In-person teller transactions are not available at the specialist centres, which focus on 'complex' banking including business customers and loan products. Today show host Karl Stefanovic questioned whether some bank branches going cashless was a 'glitch in the matrix'. But the move towards digital money, which is also being pursued by other 'big four' banks such as ANZ and NAB has raised concerns especially for older Australians and those in regional areas. Chief operating officer of National Seniors Australia, Chris Grace, told the program there appeared to be a 'deliberate play' to get people off cash. Mr Grace also noted there are often fees added onto digital transactions. Commonwealth Bank has opened specialist centres where cash is not available over-the-counter and only through ATMs. Mr Grace has called for more education and advertising to be done by financial institutions to raise awareness of digital apps and how to use them, especially for seniors. But moving to digital money in favour of cash also brings with it more risks. In June, the CommBank app experienced an outage that lasted hours which prevented customers from accessing their money at all. The outage was due to an application that connected CBA's in-house systems, and was not connected to a cybersecurity incident. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

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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.

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.

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ANZ said affected branches are all located in metropolitan areas and are close to other branches with over-the-counter service. What it's like to lose your mind Customers will need to locate a branch that still does offer teller transaction and travel there. Here's where the tradition comes from Should protests be banned outside Parliament? The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches. William is adamant brother must apologise Streets of Plymouth are empty, but the pubs are packed! 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. Expert who's spent decades exploring 'blue zone' phenomenon reveals why bread Here's why Netanyahu's post-war plan for Gaza is dismissed as 'genocide': Israel calls for Hamas to be removed, 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. The Commonwealth Bank has opened several "cashless" branches where customers will not be able to access their money over-the-counter. Mr Britton said many criminals have stopped selling drugs, instead turning to online fraud because it is far more profitable and they are far less likely to be caught.

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'.

The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Fans claim they now see the star's naked body 'more than their own family' Lily James, Emma Watson and Ellie Bamber showcase their endless legs in skimpy minis as they lead stars at Prada Milan Fashion Week show Tiger King's Joe Exotic shoots his shot at Machine Gun Kelly from prison, says he can turn rapper gay with 'a tiger and a little bit of meth' The O. Now experts have argued the troubling Commonwealth bank episode is an insight into what can go wrong when people rely too much on online banking instead of old-fashioned cash. Dialog start. Sydney Melbourne Brisbane. Popular searches. Receive the top stories in our weekly newsletter Sign up now. You may like. Independent payments market expert Lance Blockley estimated that by traditional cash would make up less than 4 per cent of total retail purchases across the country. Terms and conditions are available on the app. Vegan food fans left disappointed as popular burger chain is forced to close its doors Kim Jong Un 'has a secret SON who is kept out of the public eye because he is too pale and thin' See you on the other side! Rhiannon Druce right , General Manager of Junee Licorice and Chocolate Factory, says the move could seriously impact regional businesses. Do you have an idea for a story?