Woolworths is set to slash its cash withdrawal limits for customers by over fifty percent, shifting the former ceiling from $500 down to $200. As of this week, the change has been instituted due to what Woolworths cites as alterations in customer preferences. According to a Woolworths representative, the decrease in available on-site cash is a consequence of a major shift amongst shoppers who now favor card-only transactions such as Everyday Pay.
This pivot in policy denotes a significant move by the supermarket chain. From late October, it will no longer be possible for customers to execute cash withdrawals without making a corresponding purchase. This change is being incorporated amidst an environment where access to cash is becoming increasingly challenging, given the closure of a substantial number of bank branches and the scarcity of available ATMs.
While cash keeping costs remain high, Woolworths has made it clear that it will sustain its policy to allow customers to withdraw cash. In an official statement, the supermarket maintained that cash, despite decreasing in usage, is still a critical medium of exchange for a portion of their customers. As such, the supermarket assured that the option to withdraw cash will be retained.
