In a move that has left many Australians reeling, ANZ, one of the nation's largest banks, has discreetly discontinued cash services at several city branches.

This decision has sparked outrage, particularly as it follows a trend of mass branch closures across the country's major financial institutions.

Over the past six years, more than 2100 branches have been shuttered nationwide among these banks.

Customers of ANZ's Carlingford branch, located northwest of Sydney, were taken aback when they discovered a notice taped to the front door announcing the significant alteration to its services.

ANZ secretly scrapped its cash services at different locations. Credit: Shutterstock

Starting Monday, March 18, the bank will cease over-the-counter deposits and withdrawals at various branch locations, including Balmain, Revesby, St Ives, and Manly.

An ANZ spokesperson has sought to reassure customers, stating that they can still carry out cash and cheque transactions using Smart ATMs and coin deposit machines situated inside these branches.

‘At some of our metropolitan branch staff will focus on speaking with our customers about their banking needs, particularly about the big financial decisions in their lives, like borrowing for a new home or establishing accounts for a new business,’ the spokesperson said.

ANZ will also have staff to assist customers.

The spokesperson added that ANZ saw a 50 per cent decline in in-branch transactions across their branch network over the past four years.

Despite ANZ’s reassurance, the move has been met with criticism.

Nationals Senator Matt Canavan lambasted the bank's decision, arguing that if banks offer transaction accounts to customers, they should ensure that these customers can access their funds.

He voiced his concerns on 2GB, stating, ‘I don’t think these banks are living up to their side of the deal.’

'You should be able to withdraw money whenever you like. They seem to be restricting your ability to do that.'

‘They make money the longer you keep your money with them, and you’ve got to wonder whether this is actually just a commercial decision to make more money of us.’

Canavan, who is currently leading a senate inquiry into branch closures in regional Australia, has pledged to raise concerns about this latest development when the inquiry reconvenes on February 21.

Interestingly, ANZ is the only major bank not allowing customers to bank at their local post offices. This is due to a failed agreement with Australia Post on their Bank@Post service.

The ANZ decision comes from similar moves by other major banks.

Last week, the Commonwealth Bank announced it would close three more branches before March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast, and Coogee in Sydney’s east.

The week prior, NAB announced it would close 13 branches this year, and Bankwest, which CBA owns, will close two more branches.

These developments have led to concerns about the closures’ impact on communities.

'The banks have been using branch closures to prop up their massive profits for years,’ said Finance Sector Union National Secretary Julia Angrisano.

‘It's time they were forced to maintain customer service to local communities in regional and metropolitan areas.'

Key Takeaways

• ANZ bank has removed over-the-counter cash services from multiple Sydney branches, prompting a backlash from customers.
• Significant branch closures have occurred across the country, with over 2100 branches shutting down over the past six years among major financial institutions.
• Customers will still be able to conduct cash and cheque transactions using Smart ATMs and coin deposit machines within these branches, and staff will be available to assist with banking needs.
• Nationals Senator Matt Canavan has criticised ANZ's decision, suggesting that restrictions on cash access could be a commercial move to profit from customers' funds, and has plans to address this at a senate inquiry into branch closures.

Have you been affected by the closure of a bank branch or the reduction of cash services? Let us know in the comments below.

 

[GillyH]

ALl the banks and government want this to happen so they can make money in fees on every transaction and they can know what you spend your money on it is a way of total control cash is god and if i banked with anz i would close my accounts and move to a cash handling bank

Use more cash keep small businesses going CASH IS KING. They do it in Europe & in other countries overseas.

 

[MischaV]

I have been a customer of ANZ for over 40 years. purchased my home through them. But since they have changed from being a bank with tellers to facilitators. Having to do my own banking using the ATM I applied for a with credit card at another bank. Luckily I was able to get it even though I'm retired. But it will only be a matter of time when that bank will go down the same path. A customer came into the ANZ bank to get notes only to be challenged if she was a customer of the branch and they don't give out $5 notes. I asked a facilitator why? only to be told that people don't use $5 notes any more. anyway she's probably a business. HELLO? Sorry, To me Cash is king. I still like to have a cunning kit in my purse for emergencies. $50 in the glove box of my car for emergencies. One can't do that with digital banking. how is the tooth fairy going to cope with no cash around? What? leave a gift card?

 

[Tipsy]

Yes its time for people to show their contempt and disgust by walking with their accounts to someplace else as quickly as possible... Move everything including your home loans or any loan for that matter... I did and I like the Heritage bank a hell of a lot