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.

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.

Key Takeaways

• An ANZ customer was allegedly told he could not deposit $2,400 cash at a branch due to a supposed minimum deposit limit that ANZ later refuted.
• The customer, attempting to deposit the money at his local Hervey Bay branch, experienced an ATM outage and was subsequently turned away by the teller.
• The incident has sparked discussions about the banking industry's push towards ATM usage and the reduced availability of in-person branch services.
• Despite the reduction in ATMs and branches, the Big Four banks, including ANZ, have committed to maintaining cash services, with the Commonwealth Bank CEO affirming that physical cash is 'here to stay'.

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.

 

[Bill MacL]

$2500.00 minimum cash DEPOSIT??? Are you sure this is correct?
ANZ has raised the daily cash withdrawal limit to $2,500 and set a $10,000 limit for ATM deposits.

 

[Koda]

Fine transfer to another bank that is ridiculous

 

[Gezzabel]

I’m not surprised that the ANZ bank would do this. My Mother’s estate took 9 months to settle, and much of it, was caused by holdups with the ANZ bank. An investigation was conducted, into the big 4 banks. Guys who came out worse? Correct. ANZ. I would never consider banking with them, after my Mother’s dealings with them either. Get out now! Gezabel.

 

[Jumping Jack Flash]

$2500.00 minimum cash DEPOSIT??? Are you sure this is correct?
ANZ has raised the daily cash withdrawal limit to $2,500 and set a $10,000 limit for ATM deposits.

That is precisely what I was thinking ..... perhaps the teller misunderstood the customer's intentions?

 

[havingadoggyday]

Local ANZ won't deal in five dollar notes.My hubby was told his bank ATM card is of no use in the bank.He needs to show his driver's licence!!!!
And it's their card.Also you can't ask for 10x$100 notes without ordering first as being a bank,they don't have the God help us all

 

[havingadoggyday]

Fine transfer to another bank that is ridiculous

They r all becoming the same.How many times do we have to go elsewhere?Also not many options as not only closing branches,but removing the ATMs.At least iny area

 

[Suzanne rose]

This doesn't seem right. I think there is a mistake in this article. Maybe the customer ment to say withdrawal.

I have never known a bank to refuse any deposits.

I recently withdraw $12,000 from a commonwealth Bank teller and had no problem at all.
I just deposited $1800 again no problem

 

[Jumping Jack Flash]

This doesn't seem right. I think there is a mistake in this article. Maybe the customer ment to say withdrawal.

I have never known a bank to refuse any deposits.

I recently withdraw $12,000 from a commonwealth Bank teller and had no problem at all.
I just deposited $1800 again no problem

Yes, either what you are saying Suzanne OR simple miscommunication between customer and teller ....

 

[havingadoggyday]

This doesn't seem right. I think there is a mistake in this article. Maybe the customer ment to say withdrawal.

I have never known a bank to refuse any deposits.

I recently withdraw $12,000 from a commonwealth Bank teller and had no problem at all.
I just deposited $1800 again no problem

We are talking ANZ not the Commonwealth bank.Each has its own rules

 

[Rosi Gordon]

Local ANZ won't deal in five dollar notes.My hubby was told his bank ATM card is of no use in the bank.He needs to show his driver's licence!!!!
And it's their card.Also you can't ask for 10x$100 notes without ordering first as being a bank,they don't have the God help us all

I understand having to show your licence in the case of the card having been stolen but having to give notice for the cash is ridiculous.

 

[havingadoggyday]

No it's their,customer card ,and you need to enter your pin at the tellers anyway, so needing your licence is BS.They should issue a bankcard with photo if that's what they want
it's an ATM card ,and ,a use for everything in the branch card.This is utter nonescence

 

[mylittletibbies]

That seems very strange, a limit on deposits,???
I would have immediately closed all my accounts and gone to a different bank.
Banks only get away with
all this BS because customers are too complacent.
I had a problem with Westpac bank about seven years ago. I immediately closed my husband's. daughters and my own accounts down and transferred them to Beyond Bank where I've been ever since.
Even when I was closing down the accounts at Westpac they were arguing with me. Firstly they said I couldn't have that much cash without making prior arrangements. I said bank cheques will be fine.
I also had a substantial amount in an account at a different branch. They then told me they would have to ring the manager of that branch for permission to close that account.
I advised him that the only person whose permission he needed to close my account was mine.
I would never deal with any of the Big 4
Banks again.

 

[Andrew]

I go to my local CommBank every week to withdraw cash from the ATM. It's usually in $50 notes. They have a change machine, but that's for business card owners only. The tellers will change the $50 notes to smaller ones, but only if you are a customer. Sometimes l have to prove l am.

 

[KjennyO]

This is all about forcing people to bank on line to reduce the banks' overheads and therefore increase their profits. BUT - the biggest problem in reality is the fact that online banking is far easier for people to lose money through the increasingly sophisticated and incessant scams we are facing these days. And given that countless victims of scams have been refused redress by the banks - and the banks are increasingly putting the onus on the customer to recognise these scams, our money is NOT SECURE with any of them. Recent siphoning of of money in large real-estate transactions through hidden email interceptions is particularly concerning as for the majority of people real-estate is their major asset. Frightening when you are in the retiree category where you don't have the time or work options to recover enormous financial losses.

 

[darrellh]

Every time I go intobthe NAB bank and talk to them I have to show Id on top of my bankcard which is common sense today with all the identity theft going on. They should not give you any information on your accounts without confirming photo identification. There is going to be alot of money sitting under mattresses and around the house at this rate if banks don't pull their socks up.

 

[Mummanew]

That seems very strange, a limit on deposits,???
I would have immediately closed all my accounts and gone to a different bank.
Banks only get away with
all this BS because customers are too complacent.
I had a problem with Westpac bank about seven years ago. I immediately closed my husband's. daughters and my own accounts down and transferred them to Beyond Bank where I've been ever since.
Even when I was closing down the accounts at Westpac they were arguing with me. Firstly they said I couldn't have that much cash without making prior arrangements. I said bank cheques will be fine.
I also had a substantial amount in an account at a different branch. They then told me they would have to ring the manager of that branch for permission to close that account.
I advised him that the only person whose permission he needed to close my account was mine.
I would never deal with any of the Big 4
Banks again.

Interesting that you were able to close 2 accounts that weren't yours.

 

[Annna]

This doesn't seem right. I think there is a mistake in this article. Maybe the customer ment to say withdrawal.

I have never known a bank to refuse any deposits.

I recently withdraw $12,000 from a commonwealth Bank teller and had no problem at all.
I just deposited $1800 again no problem

I had the same experience (no real customer service).

For about 6 months, I lined up and waited in telling lines where staff tried repeatedly to redirect me to the ATMs. I chose to remain in line and wait for service thinking that I was helping to retain jobs for bank employees.

Then came ANZ's refusal to take my deposit saying it was an insubstantial amount.

At that attendance I asked to close my account and was informed I'd have to make an appointment to do that (I was at the time in the branch but no, I had to go home and book time to meet with a staff member).

I went home and got online to make the appointment and was knocked off twice.

I then rang the bank's enquiry number and a recorded voice informed that appointments could not be made due to an I.T issue, the service then hung up on me telling me to 'have a good day.'

I rang again later in the day and was connected to a human who made an appointment for me.

I attended the branch on the appointment day and closed the account.

Two days later, I received a call from an ANZ representative stating they had a record of my call (the one where the service had hung up on me), wanting to make an appointment. I informed the person that the appointment had already occurred and that it concluded the business I'd needed to conduct at my local branch.

The whole experience (the long waits in lines and the so called customer service online, on the phone and in person at branches) frustrating.

That call was the end of my banking relationship with ANZ .

 

[mylittletibbies]

Interesting that you were able to close 2 accounts that weren't yours.

I had Power of Attorney for my daughter as she is intellectually disabled
and also nominee and Power of Attorney
for my husband.
Nothing "interesting " about it.

 

[Rbarnard]

Apologies for the length of this response.

This is ridiculous.
You can only draw out $1000 a day from an ATM. If you need $2400 to pay for something that can't be paid via POS, you must draw out $1000 on day one, $1000 on day two, and $400 on day three.

Security issues include carrying money from the ATM to the car and having that much money in the house.

Interest rates for savings, term deposits, etc., have not increased, but the lack of service has decreased.

With the reduction in staff and services, where are the cost-savings going? From my perspective, you hear how much profit they have made annually. This is due to the reduction in staff and services. How about some of those profits being passed down to customers?

We are giving the executives who are already being paid too much with our money a pay increase.

It will be the same regardless of which bank you go to.

It's not only the banks; Coles and Woolworths have put in self-service checkouts, but prices have not been reduced, and jobs have been lost.

Due to the environment, they have stopped supplying plastic bags for your shopping. We now need to pay for bags (unless you take your own). Where are the savings going? They save on not supplying bags and profit from us having to pay for bags.

End of rant.