ANZ Bank has removed in-person cash services from several of its Sydney branches following similar moves by Commonwealth Bank and NAB.
From March 18, customers will be required to use ATMs for cash service at branches in Carlingford, Balmain, Revesby, St Ives and Manly, although staff will still be available to handle business or loan queries.
On Tuesday, 2GB’s Ben Fordham accused the bank of using it as a way to “secretly close branches” as cash goes digital. In the last six years in Australia, more than 2,100 bank branches have closed, 287 of them in ANZ.
National Senator Matt Canavan criticized the bank’s move and said if they offer transaction accounts to customers, they should be able to access their funds however they choose.
“I don’t think these banks are holding up their end of the deal,” he said in 2 GB.
ANZ Bank has removed teller services at several of its Sydney branches, where customers will need to use ATMs to withdraw or deposit cash.
Senator Canavan said customers who deposit money in a bank should be able to withdraw it however they want.
‘It seems like they are restricting your ability to do that. Just look at transfers between banks: they still take a business day to clear.
‘Banks generate interest the longer the money is kept in them. Even in that short period, when you scale it up to all of their customers, it’s a lot of money.
“You have to ask yourself if all this is really just a business decision to make more money with us.”
Commonwealth Bank announced last week it would close three more of its branches by March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney’s east.
Last week, NAB announced it would close 13 branches this year, and CBA-owned Bankwest will close two more branches.
Senator Matt Canavan leads inquiry into rural bank branch closures
In addition to banks, businesses are also increasingly adopting swipe or tap-and-go transactions, which incur invisible fees with every purchase.
Last week, Queensland MP Bob Katter complained when his $50 note was rejected at a cafe inside Parliament.
‘The words legal tender don’t seem to mean anything anymore, how much is the dollar worth if you can’t buy things?’ Senator Canavan said.
A sign posted at the Carlingford branch informing customers of the change.
An ANZ spokesperson assured customers they will still be able to complete cash and check transactions using the smart ATMs located at these branches.
‘At some of our metropolitan branches, staff will focus on talking to our customers about their banking needs, particularly important financial decisions such as borrowing for a new home or accounts for a new business.
The bank said it will have staff available to help customers who need assistance using electronic platforms.
The spokesperson said ANZ has seen a 50 per cent decline in branch cash transactions across its network over the past four years.
Last year, ANZ posted a record annual profit.
ANZ Group said it added $8 billion in customer deposits across its retail and commercial divisions in Australia.
Senator Canavan is currently leading a Senate inquiry into bank branch closures in regional Australia and said he will also raise concerns about city branch closures when the inquiry meets on February 21.
ANZ is the only major bank not allowing customers to bank at their local post office after negotiations with Australia Post over its Bank@Post service collapsed.