Laboratory radicals go cashless

Ian Rogers

Cash handling costs are too high and all too optional, especially for the Sydney city slickers at Laboratories Credit Union.

From 1st July 2021 LCU will cease offering cash deposits and withdrawals in branch, Laboratories Credit Union told members over the weekend.

Laboratories is the successor to the CSIRO [Co-operative Credit Society, founded in 1957.

Why is LCU going cashless?

“Over the last few years the use of cash has been gradually declining both across Australia and among LCU members. COVID-19 saw this trend speed up during 2020. We are now at a point where the costs and processing involved with offering cash is no longer viable,” read the candid, curt boilerplate.

Another of the FAQs addressed: What are customers’ options for getting cash out now?

Your Visa card allows you to make cash withdrawals from all ATMs, LCU wrote. You can avoid paying a fee for this by using one of the Big Four banks’ ATM networks which no longer charge a fee for withdrawing cash. Cash withdrawals on the LCU Visa card are limited to A$1,000 per day.

And this bank thinks it is being somehow modern? Some members may care to carry out sacks of cash in greater, commercial values.

Some retailers also offer cash out with your purchase (for example most supermarkets), LCU directed its members.

“Simply ask for cash out from the cashier and ensure you select Savings on the EFTPOS machine and enter your PIN,” was the accurate but aggravating advice.

“If you do not currently have a Visa card and would like to get one, please talk to our staff.”

To deposit cash, Laboratories Credit Union customers will need to hike to the nearest NAB branch.

“If you regularly need to deposit cash, LCU can supply you with a deposit book which will allow you make deposits at any NAB bank branch. Contact our staff if you wish to order a deposit book.

“If you have a one-off requirement to deposit cash we can supply you with a deposit slip to be used at a NAB branch.”

Hold up: where is the cards solution, the digital, the app?

Deposit slips in deposit books ... unbelievable, and not much science is evident in LCU's defence.

It pointed to “Impact on criminal activity,” and who signed off on the below.

“Less cash to steal. Less cash in circulation for funding crime or tax evasion.”

Cash in circulation, meaning cash not in circulation, is experiencing robust growth thanks to the pandemic and the needles refresh of the Australian banknote issue by the Reserve Bank of Australia.