private providers filling the ATM gap<\/a> was not meeting the public\u2019s needs or giving them the choice they deserved, he said.<\/p>\nWoolford wasn\u2019t surprised banks were pushing back, given the estimated $ 100 million cost to them, but said \u201cin the grand scheme of things\u201d the benefits outweighed the cost.<\/p>\n
Earlier, Banking Association CEO Roger Beaumont told Newstalk ZB\u2019s Mike Hosking the \u201ccurious\u201d proposal had come \u201ccompletely out of the blue\u201d.<\/p>\n
\u201cIt\u2019s kind of back to the future. <\/p>\n
\u201cIt\u2019s almost like Sport New Zealand demanding that jazzercise and leg warmers make a comeback without any appreciation of customer preferences, let alone demand,\u201d he said.<\/p>\n
\u201cThey are our regulator, so if they deem something essential and appropriate, they can make that call.<\/p>\n
\u201cBut I think there\u2019ll be a lot of discussion between now and when the proposal or consultation period closes in April.\u201d<\/p>\n
Banking expert Professor Claire Matthews from Massey University also rubbished the idea, telling Newstalk ZB\u2019s Ryan Bridge Early Edition she\u2019s not convinced so many ATMs or branches are needed.<\/p>\n
\u201cFor most of us, cash is something that we use because we happen to have it, but it\u2019s not what we want.\u201c And for small businesses, it\u2019s not actually an advantage to them to have cash. Cash is unhygienic, unclean, and a real hassle to deal with.\u201d<\/p>\n
Needing cash during a natural disaster was the exception, but Matthews said she did not believe ATMs were the solution.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWe\u2019ve done a lot of work with communities, and that\u2019s what they tell us.\u201d The way the banking…\n","protected":false},"author":2,"featured_media":504210,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[228234,8845,1929,253371,64,63,8421,9671,8878,7105,253370,99,20971,198483,4991,164,22926,21503,84856,12536,1697,16804,1779,93572,253372,16364,26480,319],"class_list":{"0":"post-504209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-228234","9":"tag-across","10":"tag-at","11":"tag-atms","12":"tag-au","13":"tag-australia","14":"tag-back","15":"tag-bank","16":"tag-banking","17":"tag-banks","18":"tag-branches","19":"tag-business","20":"tag-call","21":"tag-calling","22":"tag-country","23":"tag-economy","24":"tag-force","25":"tag-future","26":"tag-hits","27":"tag-more","28":"tag-nz","29":"tag-open","30":"tag-plan","31":"tag-provide","32":"tag-questioning","33":"tag-reserve","34":"tag-sector","35":"tag-to"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/504209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=504209"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/504209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/504210"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=504209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=504209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=504209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}