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RBNZ Reserve Bank of New Zealand, funding

RBNZ: Cash system sound and functioning

April 3, 2020

The Reserve Bank continues to confirm that ATM cash deposit and withdrawal facilities and the system that supports them are functioning well and there is plenty of cash available.

“We are talking regularly with the major banks and their key service suppliers, and they continue to report that all is well,” Assistant Governor Christian Hawkesby said.

Mr Hawkesby said banks and customers are adjusting to a range of changes to ATM, branch, and retail cash operations as financial and other essential services settle into new requirements and operating environment.

“It is not unusual for ATMs to close down occasionally for any number of reasons. Some street-facing ATMs, for example, are now more difficult to service as they require entry through a business that’s closed.

“Most banks are offering very limited branch hours at a reduced number of branches for essential banking only – including for people who cannot use ATMs, cards, apps or online services. Check their opening hours before setting out. If you do need to visit a branch you can use public transport to do this.

“We understand many shoppers and retailers are preferring to avoid cash transactions in order to reduce face time and physical contact. Everyone needs to remember that all shopping and payment methods involve surface contacts and good hand hygiene remains essential.

“Retailers offering essential services should be making provision for shoppers who can only pay with cash. Shoppers who need to pay with cash are more likely to be young, elderly, poor, disabled, seasonal workers, or vulnerable.

“The cash system is prepared to deal with challenges that might arise during COVID-19,” Mr Hawkesby says.

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