The Rise of Cashless Banks (And What To Do About It)

The Rise of Cashless Banks (And What To Do About It) By J.P. Koning For centuries bank deposits have come with a comforting guarantee. Depositors have always been able to quickly convert them at par into cash. But this guarantee is slowly being eroded. Banks in Canada, Ireland, Australia, Denmark, and Sweden are closing full-service branches and adopting a less-staffed “cashless bank” model. In a cashless branch, customers can no longer deposit or withdraw cash over the counter. The next step will be when banks remove their external ATM machines…

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