CommBank promises to keep cash alive

One of Australia’s biggest banks has stepped up to reassure customers that cash is here to stay, amid growing concerns over businesses and banks going cashless.

In an email sent to customers today, Commonwealth Bank CEO Matt Comyn promised that CBA will continue to pump billions of dollars into the economy every month, ensuring people still have access to physical money.

“We know that cash is critical to our customers, the community, and to CommBank – and it’s here to stay,” Comyn wrote.

He confirmed the bank will keep distributing over $4 billion in cash each month through its branch and ATM network, which is also set for a $100 million upgrade in 2025.

Backlash Over Cash Withdrawal Fee

This comes after CBA faced heavy criticism for its plan to charge customers a $3 fee for withdrawing cash from tellers at bank branches. The move sparked widespread backlash, leading the bank to put the plan on hold.

Meanwhile, banks across Australia have been shutting down cash access points, with 926 ATMs and 230 branches closing in the past year alone. Some banks, like Macquarie, have gone fully digital, scrapping cash transactions at branches altogether.

Government Steps In

With big businesses like McDonald’s, KFC, and Gloria Jeans also moving towards cash-free stores, many feared physical money could be on the way out. However, the Albanese government recently introduced a mandate to protect cash access, ensuring people can still use it.

CBA has also committed to keeping regional branches open until at least 2027, a move aimed at supporting rural communities that rely heavily on cash.

Cracking Down on Scams

In his email, Comyn also addressed another major issue – the rise of scams. He revealed that CBA is sending out 18,000 scam alerts every day and has invested over $450 million in fraud prevention in just six months. Thanks to these efforts, customer losses to scams have dropped by more than 70% over the past two years.

So, while cash may be disappearing from some businesses and banks, CBA is making it clear: they’re not phasing it out anytime soon.