In a recent communication to customers, Matt Comyn, CEO of Commonwealth Bank (CBA), emphasised the bank’s commitment to maintaining cash availability amidst increasing trends towards a cashless society. He highlighted that cash remains vital for many customers and the broader community, assuring that CBA will continue injecting over $4 billion into the economy each month through Australia’s most extensive branch and ATM network. Plans for substantial upgrades to this network, costing $100 million, are slated for 2025.
While customers had faced the prospect of a $3 fee for cash withdrawals at branches, post offices, or via phone, CBA has decided to postpone these charges following customer backlash. Comyn stressed CBA’s dedication to cash access, stating, “we know that cash is critical to our customers, the community, and to CommBank – and it’s here to stay.”
This pledge comes at a time when other major financial institutions, including Macquarie Bank, have begun transitioning to a fully digital banking model, completely phasing out cash deposits while allowing free ATM withdrawals. The trend towards cashless transactions among Australian businesses is evident, with notable chains like Gloria Jeans joining fast-food giants such as McDonald’s and KFC in eliminating cash options at certain locations.
In light of these changes, the Albanese government has intervened by introducing a cash mandate, aiming to ensure cash’s ongoing presence. Comyn reiterated that CBA would keep rural branches operational until at least 2027, underscoring their support for isolated communities.
Additionally, Comyn acknowledged the alarming rise of scams targeting customers. To combat this issue, CBA has invested over $450 million in the last six months alone into measures against fraud and cybercrime. They have also implemented a system that sends out 18,000 alerts daily to notify customers of suspicious account activity, reducing scam-related losses by more than 70% over the past couple of years.
In summary, Commonwealth Bank aims to uphold cash accessibility and bolster customer security, while acknowledging the shifting landscape of financial transactions. Comyn’s public reassurances reflect an effort to maintain customer trust amidst growing digitisation in the banking sector.