Two Plus Two Equals Four News: As Australian banks continue to focus on digital transactions for customers, ATMs and bank branches are disappearing across the country, according to new data.
The analysis revealed close to 460 bank branches have shut down across the nation in recent years, and dating back to 2020, approximately 3800 previously active ATMs have been removed.
NSW alone now has 140 fewer in-store banks, and almost 300 suburbs don’t have a singular ATM to withdraw cash.
It is a similar story in Victoria, where 120 branches have permanently closed their doors to customers.
‘Closures have a devastating impact on local communities,’ Finance Sector Union national secretary Julia Angrisano said.
As Australian banks continue to go digital, ATM’s are becoming rapidly redundant, according to new data.
In NSW alone, NSW now has 140 less in-store banks compared to a few years ago, and almost 300 suburbs across the state don’t have a singular ATM to withdraw cash.
‘Jobs are lost, business is impacted, and another local service disappears.’
The closures have hit hard in regional and rural areas, and for older citizens, Ms. Angrisano added.
Another key factor for the branch closures and reduced ATM’s is the fact that banks are bringing in a small fortune from daily digital transactions.
As Australia accelerates towards a cashless society, fees from either the customer or vender for online banking have become common place.
In a modern-day digital world, an estimated 80 per cent of Aussies prefer to bank online.
But the remaining 20 per cent, namely the disabled or those who are not digital savvy, have been left stranded.
Tellingly, CBA now has 875 bank branches nationwide – compared to 1134 in February 2020.
Their number of ATMs has reduced to just over 2000 – in 2019 there were 4118 ATM’s in circulation.
Last year, ANZ head of distribution Kath Bray said bank branch closures were a sign of the times, with digital transactions now the primary focus for many.
Our Comment:
Australia is one of the nations on the leading edge of the cashless societies. They are very controlled. And cashless makes the vulnerable to the no-buy no sell law.
Prophetic Link:
“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads. And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:16, 17.
Comments
GLORIA
Wednesday March 9th, 2022 at 11:20 PMThank you for sharing
Maureen franklin
Saturday April 16th, 2022 at 03:51 AMAs an Australian who lives in what I would call a medium sized country town, I have to drive 20 minutes to get to a branch of my bank (ANZ). The only bank (Commonwealth) which had an automatic teller I could use without paying a fee has closed and the fee free ATM has been replaced by one which charges fees. €2.50 per transaction. Of the 2 banks left in town, one is only open till noon. I have considered switching to the one that is open all day but fear it will close before too much longer. So I continue driving for 20 minutes from Strathalbyn to mt Barker. Although I have been determined to continue using cash until that became impossible. That determination has been severely eroded by the greediness of the banks and covid restrictions. The fewer bank branches; the more money for the shareholders and the top executives! And while I believe covid is real and people have died there is something quite strange about the way it has all been handled! It’s lockdown, lockdown, lockdown and then whoops, now it’s time to learn to live with the virus and open up! And then there’s the vaccines that don’t stop you from catching the disease or even from dying from it! At the same time, the vaccine might kill you and, believe me, they do kill!. Sometimes at once, other times slowly! We obedient Australians trot along for our vaccinations and our boosters while my friend, Queensland, watches her partner of many years battle cancer that was not there until he had his first jab. Healthy fit to very sick in less than a week. The 2nd jab sent him spiralling downhill! I could go on and on. While I am glad to be living in Australia, I fear we are fast catching up with a world out of control. Oh except for us cos we Australians are so willing to toe the line. I don’t condone rebellion but the day is coming when governments will require obedience to man’s laws above God’s and then those who choose to follow God will be in trouble. The devil is pulling the strings and manipulating the human race! We need to keep our eyes on Jesus and cling to Him. God bless you all.