NZ Cash Access Standards Spark Strong Public Support
The Reserve Bank of New Zealand has been consulting on its proposals for minimum standards for cash services in the country. The proposal aimed to put a floor under the number and location of places where bank customers could withdraw, deposit or swap cash.
The Reserve Bank wanted 95 percent of people living in urban areas to have walking-distance access to a free cash point. It identified several smaller settlements that needed cash services, including Ngakawau, Ongaonga, Omakau, Owaka, and Whangaroa.
About half of the respondents were dissatisfied with the current cash services in their district and across New Zealand. Ninety percent agreed that New Zealand needed a standard for cash access.
The Reserve Bank estimated that meeting the standard would cost banks about $100 million a year, but this was only 1 percent of their combined annual profit. Some respondents had concerns about the proposal's estimated benefits and costs, and favored digital payments services over cash services.