Grey Power has welcomed a new proposal from the Reserve Bank of New Zealand aimed at improving access to cash services across the country, particularly for seniors and rural communities.
Over the past decade, New Zealand has lost around 40 percent of its bank branches, with many remaining branches operating reduced hours. Grey Power says the decline in face-to-face banking and the removal of cheque services have disproportionately affected older people and those living in rural areas.
Research by the Reserve Bank in 10 rural towns found limited access to cash has had negative impacts on individuals, businesses, and local communities. In response, the Bank has proposed introducing a national cash services standard. This would guarantee a minimum number of ATMs in defined locations nationwide, allowing customers of any bank to withdraw, deposit (including coins), and exchange cash 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.
Keeping cash local consultation paper