New standard could guarantee cash access for rural New Zealand communities

Rural Women New Zealand (RWNZ) submitted feedback today on the Reserve Bank's Access to Cash consultation, backing a new cash services standard to protect access for rural communities.

A cash services standard would set minimum requirements for banks, so that no matter where people live, they can withdraw cash, deposit cash and swap notes for coins, free of charge and within a reasonable distance of home.

RWNZ Board Chair and Business and Connectivity PAAG Convenor, Nicole Oliver, says, "We've been hearing stories from members for years where the local bank branch has closed, and then the ATM has disappeared, and people are left having to travel far out of their way, even out of town, for a simple cash withdrawal.

“It's why we support a cash services standard that guarantees our rural communities can withdraw and deposit cash, and get coins for free, no matter where they live."

Oliver says a cash standard will make things easier for businesses as well as individuals.

“Rural businesses need a simple, reliable way to bank their takings so they can deposit their cash safely and regularly, instead of holding onto it on-site.

“A cash services standard would make that possible, and make life a lot easier for the small businesses that keep our rural towns going."

Read the consultation feedback here.

ENDS