Westpac has made a surprising move, as Commonwealth Bank and ANZ scrap over-the-counter cash transactions at certain branches.
Westpac customers can now visit any Westpac, St George, BankSA or Bank of Melbourne branch across Australia to make cash transactions, following the rollout of new technology connecting the bank’s branch network.
The change means customers can now deposit and withdraw cash - among other cash transactions - at more locations across Australia.
Also read: Aussie bank ditches cash
Westpac CEO Peter King said the move completed a major piece of work to integrate technology across the Westpac Group brands.
“We are simplifying and consolidating our operations so that we deliver better services for customers, no matter which Westpac brand they use,” King said.
“Westpac, St George, BankSA and Bank of Melbourne customers will now have more options to do their banking at any location across Australia as part of a more connected branch network.”
Westpac customers will have access to 176 additional banking locations nationwide. Meanwhile, BankSA customers will be able to access an extra 388 locations, Bank of Melbourne customers an extra 521, and St George customers an extra 438.
Banks go cashless
Westpac appears to be going against the cashless trend. Macquarie Bank announced it would phase out cash and cheque services by November 2024, as it transitions to “completely digital payments”.
The move means customers wanting to withdraw or deposit cash will only be able to do so via an ATM.
Macquarie said the vast majority of its customers already banked digitally, with less than 1 per cent currently using cheques or cash.
Commonwealth Bank has also opened several “cashless branches” where customers are unable to access cash over the counter. The specialist centres are located in Sydney, Melbourne and Brisbane and are focused on more complex banking needs.
ANZ also scrapped over-the-counter cash transactions at a small number of branches earlier this year. Like CBA, ANZ said staff at the branches would instead focus on more complex banking needs.
Customers can still withdraw or deposit cash through a smart ATM and coin-deposit machines.