Tuesday, July 11, 2017

Problems with ATMs

I see from the Moree Champion that Moree's Balo shopping centre has lost its only ATM. The National Australia Bank decided not to renew its lease on the spot.

Given the size of the shopping centre, the decision is a little surprising. One side effect has been a big increase in people asking for cash out from Coles to the point that Coles is no longer giving cash out from the cigarette counter as too many people were taking time away from customers who were buying something from the store.

The decline in ATMs is the latest in a series of changes that tend to affect country areas more than the city, although there are city problems too. We have seen how bank closures carried out in the name of efficiency and cost savings adversely affected country regions in particular. The spread of ATMs represented a partial compensation, giving country people continued access to cash. Now the spread of new payment mechanisms with consequent decline in use of cash is leading to a decline in ATMs.

This trend is already creating its own problems Again, the country is likely to be most affected. There are more older people, cash usage is higher, while fewer shops have the new payments mechanisms or provide them for free. .

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