Two banks announced the suspension of cash business, experts believe that the suspected violations of the big banks will not follow suit

2022-06-13 0 By

Ban Helin, executive dean of the Institute of Digital Economy at Zhongnan University of Economics and Law, said the suspension of cash business will not become a trend, and it may involve violations. The CENTRAL bank has previously punished many operators for refusing to accept cash, including some financial institutions, and cash business is also a legal business of financial institutions.Recently, two private banks have announced that they will stop operating counter cash business, including counter and ATM self-service channels.This news has attracted wide attention. Will it become a trend in the future and will other banks follow suit?To this, extreme news reporters interviewed experts for interpretation.Close cash business bank said after January 28, reported to the Beijing zhongguancun, according to the bank announced as its to speed up the pace of digital transformation, and constantly increase the intensity of online business development, to provide customers with more convenient and efficient financial services, to inform the relevant regulatory authorities after, the bank will be closed on April 1, 2022 cash receipts and payment business,Suspension channels include counter outlets and ATM self-service channels.Customers can handle all kinds of business except cash payment through mobile APP and business outlets;If you really need cash service, you can transfer the money to another bank, and Beijing Zhongguancun Bank will not charge the transfer fee.This follows a similar announcement by Liaoning Zhenxing Bank in early January that it would stop operating counter and ATM cash services.The bank announced that it would concentrate its resources to improve the service capacity of e-banking and provide customers with better financial services. Upon the approval of the competent People’s Bank of China, the bank will stop operating cash businesses such as over-the-counter cash deposits and withdrawals, change exchange, damaged currency exchange and self-service device deposits and withdrawals from March 1, 2022.Customers can handle fund transfer business through the bank’s mobile bank, wechat bank and other channels.In addition, The Bank of East Asia also announced in November 2018 that due to business adjustment, some of the bank’s branches will be suspended from November 1, 2017 to handle over the counter cash withdrawals of local and foreign currencies, change of small banknotes, change of damaged coins and other cash services.Experts believe that big banks will not follow up the two banks announced the suspension of cash business after the news, netizens have been discussing.”Depositing and withdrawing money should be a service that banks have to provide, and I don’t think this is a precedent.”Some netizens commented that despite the diversification of payment channels, cash still has its unique value and cannot be completely replaced.Many netizens also questioned the legality of the two banks’ move, worrying that more banks would follow suit in the future.”Accelerating the digital transformation of banks should not conflict with their cash business. Digitalization should enhance the convenience of cash business, not eliminate cash business.”In an interview with the distant journalists, ministry of information and communication of economic experts committee, executive director of digital economy research institute at zhongnan university of economics and plate and Lin said that put cash business will not become a trend, close cash business may involve violations, the central bank for several operators to refuse to accept the cash before given a penalty, this includes some financial institutions,Cash business is also the legal business of financial institutions.Plate and the analysis of Lin believes that some Banks may be online on the go, one is the different deposit limits, one is the network to reduce restrictions on cash business, small Banks to cancel the cash business to reduce costs, but also so loss of customers, customer groups or change, will be shut out of the part of users, is unfavorable to the Banks themselves, business development, so the big Banks will not follow up.