Grey Power Endorses Proposal to Keep Cash Local

Grey Power has long advocated against the loss of cheques and decreasing banking services nationally, but particularly in our rural areas. The release of the Reserve Bank’s Consultation paper on Tuesday was a welcome breath of fresh air for all those disadvantaged by the reduction in services from the banking sector over the past decade. NZ has lost around 40% of its bank branches, and many of those remaining work on reduced hours.

Grey Power National President Gayle Chambers stated “While there are significant advantages in embracing the digital age, the ongoing withdrawal of services nationwide has seriously disadvantaged our seniors and those in rural areas. The Reserve Bank is to be congratulated for proposing a solution that could restore greater equity to those who have suffered the most from the diminished social conscience major banks have shown.”

The Reserve Bank research amongst 10 rural towns clearly showed the adverse impact on individuals, businesses, and communities where access to cash was severely limited.

Their recommendation to address the issue is basically to introduce a cash services standard with a minimum number and defined locations nationwide for ATMs that would allow customers of any bank to make withdrawals, deposits (including coins), and swapping of cash – eg $50 converted into $10 notes and $2 coins. These services would be provided free of charge.

Grey Power urges all members and the general public to participate in the Reserve Bank feedback survey directly on-line (https://consultations.rbnz.govt.nz/rbnz/access-to-cash ). The survey site contains background papers and information on the proposals in more depth.