Bank Withdrawal Access Denied To Thousands in Australia As Customers Forced To Relocate for Cash: Report
A group of banking customers in Australia are experiencing difficulties due to the country’s move towards a cashless society, according to a new report. Around 4,500 residents living in Kununurra are now faced with a 500-mile journey to the nearest bank, as all brick-and-mortar branches and ATMs for Commonwealth Bank, NAB, and Westpac have closed. The departure of these banks has been attributed to reasons such as staffing and security, as the industry undergoes a widespread reduction in physical locations. The local supermarket Coles had been providing a cash withdrawal option, but it has now ceased due to overwhelming demand. Recent data from the Australian Prudential Regulation Authority shows that 424 bank branches were shut down between June 2022 and June 2023, accounting for 11% of all branches in the country. During the same period, 718 ATMs were also removed. Concerned Australians held a rally on April 2nd to advocate against the mass closure of bank branches and draw attention to the country’s shift away from cash. Despite these closures, however, the nation’s four largest banks have stated that they do not have plans to completely abandon paper money.