ANZ Bank must have a plan for the Blue Mountains

ANZ Bank customers protested outside Katoomba ANZ Bank branch as it closed this week. 

ANZ Bank has previously promised not to close regional branches but claims the Blue Mountains is "a major city location". 

ANZ Bank needs to make a plan for how it's customers will access cash and banking services in the Blue Mountains.

"Too often ANZ Bank is closing branches and ATMs and not making a plan for how customers can access their cash," said Jason Bryce, spokesperson for the Cash Welcome campaign.

"ANZ Bank is the only big four bank not supporting the Bank@Post service and is clearly herding its customers away from cash and face-to-face banking.

"Retailers need to be able to make deposits, get change, get their coins counted, consumers need to be able access their money when required. Banks should not leave communities without having a plan for their customer's future access to cash and banking."

Data from the Australian Prudential Regulatory Authority and the Australian Payments Network reveals Australia has lost 926 ATMs in the last financial year and 8,326 in the last seven years.

Banks have removed 217 ATMs in the last 12 months and a staggering 8,338 bank-owned ATMs in seven years. 

Australia has lost 230 bank branches in the last financial year and 2,334 in the last seven years. Outside of the major cities, banks closed 52 branches last financial year and 847 over the last seven years.

Australia lost 63 Bank@Post agencies (Australia Post outlets offering banking and cash services) in the last year and 150 over the last seven years.

Banks are dismantling national economic infrastructure The number of bank-owned branches plus bank-owned ATMs has halved in seven years from 19,508 to 8,836 as at 30 June 2024. Australia's banks have dismantled half of their cash distribution network. Demand for cash continues to rise Over the last seven years, the total value of Australian banknotes circulating in the community has risen 37 per cent from $73.5 billion to $100.8 billion at end of June 2024. Recent data from YouGov Profiles reports 43 per cent of Australians like to use cash, including 52 per cent of millennials. The total number of ATM cash withdrawals made in Australia jumped up by 767,600 (2.7%) to 29,438,600 in August 2024 from 28,671,000 in July, (seasonally adjusted) reported the Reserve Bank of Australia. For the last two years there have been about one million ATM withdrawals made in Australia each day. Increasing numbers of ATM withdrawals are attracting a fee, as bank-owned ATMs disappear, indicating that Australians are willing to pay to access physical cash.

Cash Welcome is a campaign to protect our right to choose how we pay, backed by donations from consumers, business and the cash industry. I have a petition that has attracted over 190,000 signatures:

Cash Welcome is calling for:

1) Banks to guarantee local access to cash and publish a plan for how their customers will access cash if they are closing a branch or ATM.

2) Retailers guarantee we can use cash to buy food, medicine and fuel.

3) Large retailers ensure no less than 40% of checkout terminals accept cash.

4) Large retailers lift restrictions on EFTPOS cash out up to $500 with no purchase or fee.

Key Facts:

ATM cash withdrawals are UP in August by 2.6% (RBA)

Total banknotes on issue is UP to $100.8b, from $100.6b (RBA)

About us:

Jason Bryce
0428 777 727
jason@cashwelcome.org

Contact details:

Jason Bryce

Cash Welcome

Backed by donations from the public, business and industry.

0428 777 727