Customer faces unexpected cash deposit issue: 'I won't be dealing with them after this'
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In an age where digital transactions are becoming the norm, it's easy to forget the value of good old-fashioned cash.
However, for one ANZ customer, a recent attempt to deposit a substantial amount of cash turned into a bewildering banking puzzle that left him questioning his loyalty to the major bank.
The incident unfolded at an ANZ branch in Hervey Bay, where the customer, preferring to stay anonymous, sought to deposit $2,400 in cash.
To his astonishment, the teller informed him that there was a $2,500 minimum for over-the-counter cash deposits and that he should have given notice before coming in.
This unexpected hurdle was not just inconvenient; it was downright perplexing.
The customer's frustration only grew when he was directed to use an ANZ ATM, which, as luck would have it, was out of order.
Returning to the teller with the hope of resolving the issue, he was met with the same refusal and the unhelpful suggestion to 'come back another day and see if the machine is fixed.'
This experience, which the customer described as 'coming out of left field,' has left a sour taste in his mouth, prompting him to consider taking his banking elsewhere.
'I have been with ANZ for years...I won't be dealing with them after this,' he said, calling on the bank to 'do better, consider your customers and do the right thing.'
The story has struck a chord with other Australians, sparking a debate about the role of human tellers in the era of ATMs and online banking.
While some customers appreciate the convenience of ATMs, others miss the personal touch of face-to-face transactions and lament the reduced number of available machines.
Indeed, the Australian Banking Association's statistics show a strong preference for ATMs, with these machines handling 91 per cent of cash transactions in the 2023 financial year.
ANZ has raised the daily cash withdrawal limit to $2,500 and set a $10,000 limit for ATM deposits.
However, the number of ATMs has been declining, with ANZ closing 1,447 machines over the past five years—a 63 per cent decrease.
The reduction in banking infrastructure isn't limited to ATMs; branches are also closing alarmingly.
Over the last financial year, 230 branches were shuttered, and the total number dropped by 32 per cent compared to five years ago.
Despite this, the Big Four banks have agreed to halt regional branch closures until 31 July 2027, acknowledging the importance of access to banking services for all Australians.
The reliance on digital banking raises concerns for those who still prefer or rely on cash, such as older Australians and those on lower incomes.
The Reserve Bank of Australia notes that around 1.5 million adults use cash as their primary payment method.
In response to these concerns, the CEOs of the Big Four banks have assured customers that cash is 'here to stay.'
This incident at ANZ reminds us that while we embrace the convenience of digital banking, we must not overlook the needs of those who depend on traditional banking services.
It's a delicate balance that banks must strike to ensure they cater to all customers, regardless of their preferred transaction methods.
In other news, since 2019, over half of Australia’s ATMs and a third of bank branches have closed, affecting cash users and older Australians.
While closures in major cities have slowed, 230 branches still shut down in the 2024 financial year, hitting regional and rural areas the hardest. You can read more about it here.
Have you faced similar banking challenges or have thoughts on the evolving landscape of banking services? Share your stories and opinions with us, and let's discuss the future of banking for seniors and all Australians.
However, for one ANZ customer, a recent attempt to deposit a substantial amount of cash turned into a bewildering banking puzzle that left him questioning his loyalty to the major bank.
The incident unfolded at an ANZ branch in Hervey Bay, where the customer, preferring to stay anonymous, sought to deposit $2,400 in cash.
To his astonishment, the teller informed him that there was a $2,500 minimum for over-the-counter cash deposits and that he should have given notice before coming in.
An ANZ customer was allegedly denied a $2,400 cash deposit due to a claimed minimum limit, which ANZ later refuted. Credit: Facebook
This unexpected hurdle was not just inconvenient; it was downright perplexing.
The customer's frustration only grew when he was directed to use an ANZ ATM, which, as luck would have it, was out of order.
Returning to the teller with the hope of resolving the issue, he was met with the same refusal and the unhelpful suggestion to 'come back another day and see if the machine is fixed.'
This experience, which the customer described as 'coming out of left field,' has left a sour taste in his mouth, prompting him to consider taking his banking elsewhere.
'I have been with ANZ for years...I won't be dealing with them after this,' he said, calling on the bank to 'do better, consider your customers and do the right thing.'
The story has struck a chord with other Australians, sparking a debate about the role of human tellers in the era of ATMs and online banking.
While some customers appreciate the convenience of ATMs, others miss the personal touch of face-to-face transactions and lament the reduced number of available machines.
Indeed, the Australian Banking Association's statistics show a strong preference for ATMs, with these machines handling 91 per cent of cash transactions in the 2023 financial year.
ANZ has raised the daily cash withdrawal limit to $2,500 and set a $10,000 limit for ATM deposits.
However, the number of ATMs has been declining, with ANZ closing 1,447 machines over the past five years—a 63 per cent decrease.
The reduction in banking infrastructure isn't limited to ATMs; branches are also closing alarmingly.
Over the last financial year, 230 branches were shuttered, and the total number dropped by 32 per cent compared to five years ago.
Despite this, the Big Four banks have agreed to halt regional branch closures until 31 July 2027, acknowledging the importance of access to banking services for all Australians.
The reliance on digital banking raises concerns for those who still prefer or rely on cash, such as older Australians and those on lower incomes.
The Reserve Bank of Australia notes that around 1.5 million adults use cash as their primary payment method.
In response to these concerns, the CEOs of the Big Four banks have assured customers that cash is 'here to stay.'
This incident at ANZ reminds us that while we embrace the convenience of digital banking, we must not overlook the needs of those who depend on traditional banking services.
It's a delicate balance that banks must strike to ensure they cater to all customers, regardless of their preferred transaction methods.
In other news, since 2019, over half of Australia’s ATMs and a third of bank branches have closed, affecting cash users and older Australians.
While closures in major cities have slowed, 230 branches still shut down in the 2024 financial year, hitting regional and rural areas the hardest. You can read more about it here.
