In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
  
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
  
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

 

[Thecheesequeen]

It’s problematic!

 

[Baz1960]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

Disgraceful. Commonwealth Bank use to be the bank for the people and be available in most locations, including post offices. Now the Comm Bank and most retail post offices are privately owned. We are subtly being lead towards "cashless control".

 

[Freeby60]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

We can blame modern technology for this, every-one is banking online now. We all need to start going into banks again instead of doing everything online.

 

[Luckyus]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

If you are forced by the banks into an untrustworthy venture as in cashless banking and having to pay by bank cards, then they must fully accept all responsibility in any financial losses incurred.

 

[Leenie]

We can’t let banks dictate to.us ,we need to stand up and demand better service.

 

[gollywog]

We can’t let banks dictate to.us ,we need to stand up and demand better service.

Leenie, I am totally with you!!

 

[Jennylolo]

they are forcing everyone to have internet and/or a mobile. I know so many people, and not just seniors, who don't have these. Nor do they have a credit card. Everything is cash. I'd like to know where they get their info from as many say according to surveys xxx.....yet not once in my life or any of my friends or family have been in any survey for anything. So these figures cannot be accurate oof it is a random number only. To make decisions without full consultation is wrong.

 

[gollywog]

If you are forced by the banks into an untrustworthy venture as in cashless banking and having to pay by bank cards, then they must fully accept all responsibility in any financial losses incurred.

Luckyus, yep I agree with you!

 

[gollywog]

We can blame modern technology for this, every-one is banking online now. We all need to start going into banks again instead of doing everything online.

Freeby60, this is VERY true!! Society is becoming very lazy, people need to get off their 'fat arses' and their phones/computers and use their legs, that God gave us!!

 

[Barbara V]

Not

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problema

 

[Barbara V]

Not only that some are only opening 3 days a week !!!!!!!

 

[Shane/#]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

I started with the Victorian state bank all those years ago (house loan) until it was sold to the commonwealth bank hated them then and still today they are all tared with the same brush profits before people if they start this crap I'll be moving my assets to the community bank

 

[margaretritchie48@hotmail]

I and my mother other bank with NAB. They have started having banks cashless. I use my credit card as a convenience not just to get points. A lot of cafes, coffee shops etc have started charging fees. I went into my Terry Whites chemist and they have now started to do this. I know it costs them money when people pay by credit card but I will now pay cash at these places. The good thing about using credit cards is that the companies get the money in their bank the same day, now they will have to start going to the bank if people start paying by cash.

 

[kevinwoodtufftyke52@gmail]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

Strangling their customers into a cashless society where they charge fees to use your ATM cards so that they can make more billions in profit! Disgraceful.

 

[Andrew]

If, or when my bank decides to go cashless l would withdraw "MY" money and go to a bank that does accept. Even now my local Comm Bank has withdrawn a useful service. They have a change machine where you can ( could) change large notes to smaller ones or coins. This is only available to those with a business card.I now have to go to a teller to get change , and prove l'm a customer.

 

[Bill MacL]

I started with the Victorian state bank all those years ago (house loan) until it was sold to the commonwealth bank hated them then and still today they are all tared with the same brush profits before people if they start this crap I'll be moving my assets to the community bank

They're not much better.

 

[Macarj]

Watch what happens when we are totally no cash just watch the cost to our accounts go up. We are totally conned and can't do a thing about it

 

[Toni Wrinkles]

In this era of unprecedented technological advancement and convenience, the world is shifting gears, steering towards a cashless society.

If you've visited the local branch of the Commonwealth Bank recently, you might have experienced this shift firsthand.

Imagine going to a bank, reaching out to the teller to withdraw some cash, only to realise they aren't handing out those precious paper notes anymore. Sounds odd, right?

But in recent news, the Commonwealth Bank has taken another step on the path to a digital-only future.

View attachment 25497

Major banks are transitioning towards cashless branches, where customers can no longer make cash deposits or withdrawals over the counter, raising concerns and criticism regarding accessibility. Source: Shutterstock

Several branches of Commonwealth Bank, including the likes of Commonwealth Bank Place in Sydney, South Eveleigh, Barangaroo, Penrith, and the University of Sydney, no longer facilitate over-the-counter money withdrawals or deposits.

Termed as 'specialist centres,' these branches are now focused on servicing business customers and loan products.

So what do you do now if you're left stranded without cash at these establishments?

If you're without your card and need funds over $500—an amount exceeding the limit of the 'Cardless cash' cash feature of the CommBank app—your only solution would be to travel to a traditional branch, which allows teller transactions, according to reports

Now we understand it can be quite a bother for our mobility-impaired members or those residing in remote areas.

Naturally, some of us are poking holes at this seemingly outlandish concept of a cashless bank. But it’s important to keep in mind that Commonwealth Bank isn’t alone in this.

This new banking model is gradually turning into an industry-wide trend.

An unsuspecting ANZ customer experienced an unexpected inconvenience when she was unable to withdraw cash at her local branch to make a necessary payment.

View attachment 25498

The introduction of ‘specialist centres’ by Commonwealth Bank, which focus on business customers and loan products rather than over-the-counter transactions, reflects the evolving nature of banking services in response to changing customer behaviours and preferences. Image by Ono Kosuki from pexels

She had to resort to setting up a temporary card for ATM withdrawal which failed, ironically underlining that not all modern solutions are failsafe.

This customer shared in a video, saying, 'I thought “that's fine” I will just go to the teller. The teller proceeds to tell me they don't have cash in the bank anymore, that you can only get it out through the ATM, but she said, “Don't worry, I'll set you a card up so you can just tap it in place of your card.”'

In March, ANZ announced that certain branches would no longer handle cash transactions except for ATM services.

ANZ issued a statement confirming their decision to go cashless at the counter and clarified the specific branches impacted by this change.

A spokesperson stated, ‘At ANZ, we have seen in-branch transactions fall 50 per cent over the past five years, with just one per cent of transactions now done over the counter and 96 per cent conducted digitally.’

Online banking comes with significant security concerns as well. Scammers can pretend to be banks and catch unsuspecting customers off guard, convincing them to instantly transfer large sums of money.

A recent incident involved an Australian businessman who was tricked out of $130,000 in a sophisticated text message scam.

The fraudster sent him a message from the same number used by his bank, making the deception more convincing. You can read more about this story here.

According to a research study published in January, physical cash is expected to nearly disappear from circulation within the next decade.

View attachment 25499

The dominance of digital banking has brought about security concerns, as society becomes increasingly reliant on potentially vulnerable systems, with instances of online scams and data breaches underscoring the risks involved. Image from Shutterstock

Lance Blockley, an expert on market payments, estimates that by 2025, traditional cash will account for less than 4 per cent of total retail purchases in Australia.

In a submission to the ACCC in 2021, Mr Blockley, the Managing Director of consulting frm The Initiatives Group, mentioned that the usage of banknotes, not only in retail but across all areas, is projected to decrease to 10.2 per cent in 2025, down from 24.2 per cent in 2019.

However, Cyber security expert, Ben Britton, emphasised that online transactions have opened up new opportunities for criminals to target more people and steal substantial amounts of money.

Key Takeaways

• The Commonwealth Bank has introduced 'cashless' branches where customers cannot make cash deposits or withdrawals over the counter. Customers must now use on-site ATMs or cardless cash withdrawals via the CommBank app.
• Other major banks, such as ANZ, are also shifting towards cashless branches in favour of digital banking methods. However, this move has sparked criticism and concerns among customers.
• The dominance of digital banking has raised security concerns, with experts pointing out that society has become too reliant on potentially vulnerable systems.
• Independent payments market expert Lance Blockley estimated that by 2025, traditional cash would make up less than 4 per cent of total retail purchases across Australia, signifying the rise of digital transactions in the country.

What are your opinions on the shift towards cashless banking and the introduction of cashless branches? Is this transition beneficial or problematic?

what has happened to Australia?? this stinks, too many people here are being scammed and it's going to get worse, I prefer to have cash, with 9 grandkids I give them money so they can shop being half the fun for them, this is a BAD BAD MOVE, when will they wake up?? when it's too late I suppose

 

[Annna]

The ANZ says that cashless has resulted from customers no longer opting to use cash.

This comes straight from the MINISTRY OF TRUTH (1984).

It's ANZ and the other banks that have been pushing customers to use tech.

This push has been ongoing for the last couple of decades.

So now that they've pushed almost everyone on to internet banking. They can move to cashless branches claiming falsely that the reason is that their customers CHOSE to forgo using cash.

Sure, the customers made these choices, freely and without coercion.