Financial institution shuts down all its automated teller machines.
In a significant shift towards the digital age, Austria's long-standing bank, the Oberbank, which was established in 1869 and headquartered in Linz, is gradually phasing out its cash app services. This move comes as many customers have shown a preference for cashless transactions.
The banking sector is currently experiencing a significant reduction in ATMs due to cost pressure. The Oberbank, with 46 branches in Linz, will no longer offer cash services at its locations in Bavaria. Many of the bank's branches in Linz do not offer cash services to customers, and the bank is focusing instead on exclusive customer advice.
The reduction in ATMs can cause inconvenience for customers who rely on cash transactions. Some customers are making long trips to reach the nearest PNC bank or US bank ATM, which are sometimes kilometers away. However, options for accessing cash remain, such as cash back at supermarket checkouts (e.g., Rewe or Edeka) and drugstores (e.g., Rossmann).
The closure of ATMs could blindside unsuspecting customers. In 2018, there were nearly 60,000 ATMs nationwide; today, there are about 10,000 fewer. Many customers are unaware of the reduction in bank branch networks, and the situation is worsening for those affected as another bank is also ending its cash services.
Despite the decline in ATMs, the Bundesbank confirms that the classic payment method (cash) will remain relevant. However, cash enthusiasts will have to get more creative to access cash, as more banks are changing their services.
The company that will discontinue ATM services definitively from September and instead focus on exclusive customer service is not explicitly named in the provided search results.
The banking sector is struggling with cost pressure, and many affected companies are finding it challenging to adapt to the changing habits of bank customers. The Oberbank is one of the banks adapting to this change, and it is expected that more banks will follow suit in the future.
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