As part of the debate about surcharges imposed by retailers on people who pay with a card or another electronic device versus physical money, I’ve lost track of the number of times I’ve had to explain that cash is not free.James Davies
One of the biggest cash costs that goes unseen is security. Understandably, there are strict rules when it comes to moving cash that includes secure vehicles, armed staff, and their training. As Commonwealth Bank chief executive Matt Comyn noted recently, cash costs a retailer about 3.9 per cent of a product or service, more than double that of an electronic payment.in so much trouble at present. It’s why the commercial banks, big retailers and the Reserve Bank of Australia are trying to reduce the cost of cash and keep Armaguard viable.
Think of a large country centre such as Ballarat or Albury-Wodonga where each of the major banks have a presence. At present, if one bank needs a cash top-up it has to bring in Armaguard to move money a couple of hundred metres from one branch to another. But allowing bank staff to shift smaller amounts to a competitor’s branch would shave down the cost of cash.The nation’s banks hold tens of millions in cash in their branches and ATMs overnight for a host of reasons.
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