It has been revealed that a billion-dollar bank has just restricted cash withdrawals. Check out the following reports below.
Restricting cash withdrawals
A major bank in Australia has recently implemented significant changes regarding the withdrawal limit and spending allowance for their customers.
According to reports, Westpac has decided to cap the amount of cash that can be withdrawn from ATMs to $1,000 AUD per day, equivalent to approximately $667 USD.
Additionally, the bank has also set a maximum spending limit for customers using their debit cards.
That amount will be fixed at $8,000 AUD per day, which is equivalent to $5,343 USD at the time of publishing.
That change is a big departure from the bank’s previous policies, reported Yahoo Finance Australia.
“This is a major change. The current limit when tapping, inserting or making online payments with a debit card is a customer’s entire available balance.”
The changes are coming right after a report from Australia’s central bank that found a “sharp decline” in the number of cash transactions executed throughout the country.
“The sharp decline in the cash share of transactions reflects that most Australians now use cash infrequently.
Indeed, 72% of Australians were classed as ‘low cash users’ in 2022, using cash for 20% or less of their in-person transactions, compared with 50% in 2019.”
The notes continued and said the following:
“By contrast, ‘high cash users’, who use cash for 80% or more of their in-person transactions, now represent only about 7% of Australians – a number that halved between 2019 and 2022.”
In other recent important news, Mastercard, a leading payments processing company, is taking a step forward in the world of digital assets by filing a trademark application for several crypto blockchain tools.
The application, submitted to the U.S. Patent and Trademark Office, indicates that Mastercard aims to develop software for crypto transactions and establish connections between virtual asset service providers.
