Cash activists withdraw over $500,000 from ATMs to show ‘clear message’
- Replies 16
In an era where digital transactions are swiftly becoming the norm, a group of cash activists took a stand by orchestrating a mass withdrawal event known as Cash Out Day on 2 April.
On this day, participants across the nation visited their local banks and ATMs, withdrawing wads of cash in a concerted effort to highlight the importance of physical money in our society.
While the exact figures were hard to pin down, it's estimated that more than half a million dollars was withdrawn by these activists.
The initiative, driven by a community that staunchly supports the continued use of cash, aimed to send a clear message to financial institutions and policymakers about the value of cash in the community.
The movement, led by groups like Cash Welcome, underscored a growing concern among some Australians over the rapid decline in ATM and bank branch numbers, as well as the push towards a cashless society.
‘If everyone did this, it would draw thousands of (dollars) out into the community, and banks would be running around to refill ATMs,’ one user said.
Jason Bryce, the Campaign Manager for Cash Welcome, is a proponent of maintaining cash as a relevant and accessible option for transactions.
Despite using a bank card, Bryce was passionate about ensuring that cash would remain a viable choice for consumers.
And while he supported the event, he said he didn’t create it.
‘Cash Out Day was a very grassroots movement. I’m not sure who started it, but I definitely took part, and I saw the long lines at my local ATM,’ he said.
‘On an average day in Australia, there are about 1 million ATM cash withdrawals. I would expect that yesterday there was a lot more than that.’
The sight of people lining up to withdraw cash was a stark contrast to the usual trend of swiping cards or tapping phones.
Some bystanders noted the unusual activity, with one Sydney resident remarking, ‘All the banks I went past today had queues out the door.’
The event was not without its sceptics, with some suggesting that the perceived increase in ATM activity could be a case of confirmation bias.
‘When you look for something, you see it—kind of like when you buy a new car and then suddenly see those cars everywhere. It’s the same phenomenon people (experienced) today with seeing people getting out cash,’ another user said.
However, the participants' enthusiasm was undeniable, as social media was flooded with images of banknotes and stories of successful withdrawals.
An attempt to quantify the impact of Cash Out Day was made through an online poll in social media, which suggested that out of 1448 responses, they had withdrawn about $685,850 at the time of reporting.
However, when approached for comment, Australia's major banks did not disclose any specific withdrawal data, and the Australian Banking Association (ABA) stated that there was ‘no material impact’ in cash withdrawals industry-wide on the day of the event.
‘Across the industry, there was no material difference in withdrawals of cash yesterday. While Australians are using less and less cash, we are not going to be cashless,’ an ABA spokesperson said.
‘Australians don’t need to change their behaviour when it comes to withdrawing cash, it will continue to be available and accessible to those who wish to use it.’
Despite the ABA's comments, Bryce believed that the message of Cash Out Day was heard loud and clear.
‘I’m sure the banks and the supermarkets got a very clear message about what ordinary people think about the prospect of going cashless,’ he said.
What do you think about this story? Let us know in the comments below.
On this day, participants across the nation visited their local banks and ATMs, withdrawing wads of cash in a concerted effort to highlight the importance of physical money in our society.
While the exact figures were hard to pin down, it's estimated that more than half a million dollars was withdrawn by these activists.
The initiative, driven by a community that staunchly supports the continued use of cash, aimed to send a clear message to financial institutions and policymakers about the value of cash in the community.
Cash activists withdrew over $500,000 on ‘Cash Out Day’. Credit: Facebook
The movement, led by groups like Cash Welcome, underscored a growing concern among some Australians over the rapid decline in ATM and bank branch numbers, as well as the push towards a cashless society.
‘If everyone did this, it would draw thousands of (dollars) out into the community, and banks would be running around to refill ATMs,’ one user said.
Jason Bryce, the Campaign Manager for Cash Welcome, is a proponent of maintaining cash as a relevant and accessible option for transactions.
Despite using a bank card, Bryce was passionate about ensuring that cash would remain a viable choice for consumers.
And while he supported the event, he said he didn’t create it.
‘Cash Out Day was a very grassroots movement. I’m not sure who started it, but I definitely took part, and I saw the long lines at my local ATM,’ he said.
‘On an average day in Australia, there are about 1 million ATM cash withdrawals. I would expect that yesterday there was a lot more than that.’
The sight of people lining up to withdraw cash was a stark contrast to the usual trend of swiping cards or tapping phones.
Some bystanders noted the unusual activity, with one Sydney resident remarking, ‘All the banks I went past today had queues out the door.’
The event was not without its sceptics, with some suggesting that the perceived increase in ATM activity could be a case of confirmation bias.
‘When you look for something, you see it—kind of like when you buy a new car and then suddenly see those cars everywhere. It’s the same phenomenon people (experienced) today with seeing people getting out cash,’ another user said.
However, the participants' enthusiasm was undeniable, as social media was flooded with images of banknotes and stories of successful withdrawals.
An attempt to quantify the impact of Cash Out Day was made through an online poll in social media, which suggested that out of 1448 responses, they had withdrawn about $685,850 at the time of reporting.
However, when approached for comment, Australia's major banks did not disclose any specific withdrawal data, and the Australian Banking Association (ABA) stated that there was ‘no material impact’ in cash withdrawals industry-wide on the day of the event.
‘Across the industry, there was no material difference in withdrawals of cash yesterday. While Australians are using less and less cash, we are not going to be cashless,’ an ABA spokesperson said.
‘Australians don’t need to change their behaviour when it comes to withdrawing cash, it will continue to be available and accessible to those who wish to use it.’
Despite the ABA's comments, Bryce believed that the message of Cash Out Day was heard loud and clear.
‘I’m sure the banks and the supermarkets got a very clear message about what ordinary people think about the prospect of going cashless,’ he said.
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so I’m an activist! I saw it on X and thought what a great idea, so I walked down to an atm thankfully the only one within kms and withdrew cash. As an elderly woman who is not technically challenged, I’ve been using my Apple Pay on phone for some yrs because of debit card being scammed, also not wanting to handle cash during Covid. I do feel for those who are not up with all the digital technology it so wrong to not have access to cash.
