Banks Are Closing ATMs Like It’s Going Out Of Fashion So Sorry Dad, Cash Is No Longer King

Still from the Simpsons showing people rioting outside a bank, banging on glass at teller windows

If your parents ever told you “cash is king” they’ve got a big ol’ surprise coming their way. Banks are getting rid of ATMs at lightning speed because consumers are using physical money less and less. So cash is the lowly court jester, actually.

Per, Western Australia killed off 715 ATMs between 2017 and the end of 2021. Don’t tell your dad, we don’t want him to panic.

Australian Banking Association chief executive Anna Bligh appeared on Perth radio station 6PR this week to discuss the great ATM slaughter.

It turns out people are spending too much damn time on their phones instead of standing in front of ATMs.

“Australians are banking on their phones, they are paying for their goods and their services using online payments, using their tap and go card,” she said.

“The fastest growing method is using their mobile to make a payment.

“Many of us now talk about the fact that we don’t even keep cash in our wallets.”

So true, bestie. My go-to conversation topic is the fact I never keep cash in my wallet.

But if you ever need to grab a cheeky $50 note, there’s no need to fret. The banks are not actually running out of money.

“Banks in Australia don’t see us becoming a cashless society completely anytime soon,” Bligh said.

“There’s going to continue to be a role for cash.

“It’s going to continue to be made available, maybe in fewer outlets, but it’s not about to disappear tomorrow.”

You might be thinking us tech savvy generations are the ones killing the cashflow.

But if your ‘rents are fun and up with the times and don’t scream in shock when you fix the internet by just plugging the modem back in, they could also be contributing to the death of ATMs.

“There’s a whole spectrum out there and yes, age is one factor but I don’t think that we should stereotype every older Australian who can’t, or won’t, or doesn’t want to use these channels,” Bligh said.

“The data shows us that they are jumping online at very significant rates.”

If you ask me, our parents becoming more and more online is far more concerning than the ATM massacre.