The Reserve Bank of New Zealand has published findings from its Keeping Cash Local consultation, showing strong support among respondents for a minimum standard governing access to cash withdrawals, deposits and cash swapping. Of 6,106 submissions, including 6,083 from individuals, 90% of individual respondents supported a standard. About half were dissatisfied with existing cash services in their district and nationwide, although the findings represent those who chose to respond rather than all New Zealanders. The proposed standard focused on maximum travel distances to free services and at least 2.5 cash service sites per 10,000 people. Half of respondents considered the resulting service level in their district about right, while 29% regarded it as insufficient. Retail, civic and cash industry groups generally supported intervention, while submitting banks backed continued cash access but raised concerns about the detailed proposal, costs and mandatory implementation. The Reserve Bank is now working with a bank group on improvements and prefers to explore a voluntary solution.
Reserve Bank of New Zealand reports 90% respondent support for a cash services standard
The Reserve Bank of New Zealand found that 90% of individual respondents supported a minimum cash services standard, while about half were dissatisfied with current access. Feedback was more divided on the proposed service levels and implementation, with banks raising cost and design concerns. The Reserve Bank is working with banks and prefers to explore a voluntary solution.