Per News.com.au
Australia's Westpac Bank restricts customer ATM withdrawals to $1,000 AUD, around $667 USD
6/26/2023
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An Australian bank called Westpac Bank is making some major changes for its users, deciding to decrease the total amount that they can withdraw from an ATM. Now, their users will only be able to withdraw $1,000 AUD, around $667 USD, per day.
Another major change that the bank would be implementing is its default 'credit' payment amount. Transaction limits would be set to an $8,000 default while customers will still be allowed to set cash withdrawal custom limits.
The available balance of a user would also act as their limit when tapping, inserting, or paying online. The Reserve Bank of Australia (RBA) also commented on the issue, describing how the majority of Australians used less cash.
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“Most Australians now use cash infrequently... Indeed, 72 per cent of Australians were classed as ‘low cash users’ in 2022, using cash for 20 per cent or less of their in-person transactions, compared with 50 per cent in 2019.”
In Dec 2022, it was reported that Blackstone decided to limit withdrawals from its retail real estate investment fund. This came after a large rise in investor redemption requests.
In Feb, it was reported that there were a record number of people withdrawing their 401(k) accounts just to be able to make ends meet.
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See flow at unusualwhales.com/flow.
Other News:
- Blackstone limits withdrawals to investors
- A record number of people are withdrawing from their 401(k) accounts to make ends meet
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