CASH IS KING: THE HAPPIEST BANK IN NSW & MEET THE GERMANS
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Australia’s Happiest Bank |
In a previous post titled, ‘CASH IS KING AND WHY THE WORLD WILL NOT GO CASHLESS’, I brought up Sweden and Japan as two examples of countries that will keep cash alive and how Residents of a Far North Queensland city have overturned a council decision to ban cash payments after thousands of residents rallied against the move.
For this blog post, I will post about an Australian Bank boss, Ralph Steele, who wants to keep cash alive in Glaston, a town of New South Wales, Australia. I will also post about how the German people love using cash from cashmatters.org and also on a video titled; ‘How to deal with money like a German | Meet the Germans’
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Ralph Steele (pictured, third from right), chairman and founding director of Bendigo Bank in Galston in Sydney's north west, said he was led by what his customers' wanted [PHOTO SOURCE: https://www.dailymail.co.uk/news/article-13098277/Bendigo-Bank-Galston-cash.html] |
Meet the Aussie bank boss who wants to keep cash alive - and is hiring instead of firing branch staff
· Community bank boss serves customers
· Manager always at branch to speak to them
· Gives customers cash if they want cash
· READ MORE: Major Aussie bank set to go 'solely digital'
The boss of a community bank is bucking the digital trend by keeping cash alive for his customers and ensuring that staff are on hand to speak to them.
Ralph Steele, chairman and founding director of Bendigo Bank in Galston in Sydney's north west, said he was led by what his customers' wanted.
'The bottom line to all this is we're running out bank to service our customers,' he told 2GB's Ben Fordham.
'We're not there telling our customers how we're going to serve them. If they come in with cash, we take cash. If they come in looking for cash we give them cash.
'If they come in looking for the manager, he's there.'
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The Bendigo Bank in Galston (pictured) has given over $3million back into the community by sponsoring local schools, sports clubs, disability support, aged care and also a Careflight helicopter |
The bank, which has been serving the local community for over 20 years, is doing so well it is currently hiring for two teller jobs.
'It's an incredible little business actually,' Mr Steele said.
'We've got about 280 shareholders who own the bank and they are doing really well out of it. Last year we gave 17 cents per dollar share fully franked divided.'
Mr Steele's customer-first approach is in direct contrast to bigger banks who are all moving towards digital-only payments and shuttering many of their branches.
Many of the major banks will no longer allow customers to withdraw cash from many branches.
'This has been going on for so long,' Mr Steele said.
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The community bank program is based on a 'profit-with-purpose' model, whereby profits are regularly given back to the local community (pictured: Mr Steele and the bank's contribution to the community over the years) [PHOTO SOURCE: https://www.dailymail.co.uk/news/article-13098277/Bendigo-Bank-Galston-cash.html] |
'In our area there are a few retirement homes and how can we force people in retirement homes to go to a computer that they don't understand. Isn't that going to be just an opening for scams?'
The Bendigo Bank in Galston has given over $3million back into the community by sponsoring local schools, sports clubs, disability support, aged care and also a Careflight helicopter.
It was founded in March 2002 after a passer-by noticed the then NAB bank had a sign on its door reading, 'we are re-locating for your convenience'.
Mr Steele said it was the 'happiest bank in NSW'.
The community bank program is based on a 'profit-with-purpose' model, whereby profits are regularly given back to the local community.
Since 1998, Bendigo Community Banks have reportedly given back more than $272 million to local communities.
INTERNET SOURCE: https://www.dailymail.co.uk/news/article-13098277/Bendigo-Bank-Galston-cash.html
The local bank where people come before profits | A Current Affair
Mar 3, 2024 #ACurrentAffair #ACA
Subscribe here: http://9Soci.al/v6PJ50GjSKI | Cash is king at a Bendigo Bank branch at Galston, in Sydney's north, which is also bucking the trend and employing more staff. (Broadcast 24 Feb, 2024)
VIDEO SOURCE: https://www.youtube.com/watch?v=5-FESkM8AIw
Germany Envisages a Future with Cash
Feb 23, 2024
A study by Germany’s Bundesbank envisages the future of cash, presenting three potential scenarios for its ongoing cultural and economic role and serving as a call to action for policymakers to ensure it remains available and usable.
The ‘hyperdigital payment world’ scenario imagines a digital-first world in which few bank branches and ATMs remain and cash is rarely used in shops. The ‘cash renaissance payment world’ scenario explores a partial return to cash, driven by its resilience (making it invaluable when networks fail), privacy, security and many other benefits. The ‘vanishing hybrid payment world’ scenario is one in which access to cash is deteriorating, but is still used ‘depending on people’s individual circumstances and attitudes.’
The idea of the future scenarios is to help set the right course so that cash remains generally available and accepted as an attractive means of payment and store of value going forward. - Burkhard Balz, Bundesbank Executive Board Member
Burkhard Balz, the Bundesbank Executive Board Member who presented the study, notes that in none of the scenarios does cash disappear completely. Access to and acceptance of it, however, ‘is not fully guaranteed’ in two of the three. This is a call to action for policymakers, given 93 percent of individuals surveyed as part of the study said they would prefer to decide for themselves whether or not to use cash, rather than lacking payment choice.
In order to steer towards a positive future for cash and a competitive payments landscape, in line with the expectations of the German public, the Bundesbank says it would ‘like to strengthen its cooperation with cash handlers and its dialogue with civil society’. It also intends to invest in ‘an efficient, future-proofed branch network’ to ‘ensure that cash remains a core physical product.’
The study in full (currently German-only) is available to download here.
INTERNET SOURCE: https://www.cashmatters.org/blog/germany-envisages-a-future-with-cash
How to deal with money like a German | Meet the Germans
1,139,484 views Jan 30, 2019 #MeetTheGermans
While other European countries make the transition to cashless societies, Germany still has a stubborn affection for a pocket full of loose change. Rachel Stewart investigates the very specific German attitude to money.
Rachel Stewart is on a mission to investigate the quirks and idiosyncrasies of daily life in Germany. Every two weeks she explores a new topic - from beer to nudity to complicated grammar - and heads out to get some tips from the Germans themselves.
Rachel moved from the UK to Germany in 2016. As a relative newcomer she casts a fresh eye over German clichés and shares her experiences of settling into German life. You'll find more from Meet the Germans on YouTube or at dw.com/MeettheGermans.
VIDEO SOURCE: https://www.youtube.com/watch?v=EJ26TbhZW8k&t=78s
RELATED LINKS:
Opinion: 7 money-making lessons from the richest man who ever lived
https://www.wsj.com/public/resources/documents/mill-1-timeline-fugger.htm
Money tips from history's richest man
https://www.reuters.com/article/idUSKCN0Q91P8/
Banks admit the COLLAPSE is coming and they don't want YOU to know about it | Redacted News
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ORDNUNG GELDSCHRANK LINKS:
Money is only a tool, not a goal. – Amish Proverb
ORDNUNG GELDSCHRANK – MONEY SECRETS OF THE AMISH
https://blackforestproject421.blogspot.com/2023/07/ordnung-geldschrank-money-secrets-of.html
https://vonborstel.com/four-pillars-for-financial-success/
“The real secret of happiness is not what you give or what you receive, it’s what you share.”
“Siblings are the people we practice on, the people who teach us about fairness and cooperation and kindness and caring --- quite often the hard way.” – Pamela Dugdale
SIBLING PARTNERSHIP – FOR FAMILY AND COMMUNITY
https://blackforestproject421.blogspot.com/2023/05/sibling-partnership-for-family-and.html
Happiness comes from spiritual wealth, not material wealth... Happiness comes from giving, not getting. If we try hard to bring happiness to others, we cannot stop it from coming to us also. To get joy, we must give it, and to keep joy, we must scatter it. - John Templeton
PARTICIPATORY BUDGETING FOR THE COMMUNITY
https://blackforestproject421.blogspot.com/2023/07/participatory-budgeting-for-community.html
A happy home is more than a roof over your head, it’s a foundation under your feet. – Amish proverb
FAMILY BANKING – DIE DREI HUNDE BANK
https://blackforestproject421.blogspot.com/2023/11/family-banking-die-drei-hunde-bank.html
“Savings without a mission is garbage. Your money needs to work for you, not lie around you.” – Dave Ramsey
THE ENVELOPE BUDGETING METHOD
https://blackforestproject421.blogspot.com/2023/09/the-envelope-budgeting-method.html
"Divide your fortune into four equal parts: stocks, real estate, bonds and gold coins. Be prepared to lose on one of them most of the time. During inflation, you will lose on bonds and win on gold and real-estate; during deflation, you lose on real estate and win on bonds, while your stocks will see you through both periods, though in a mixed fashion. Whenever performance differences cause a major imbalance, rebalance your fortunes back to the four equal parts.” – Jakob Fugger
CASH IS KING AND WHY THE WORLD WILL NOT GO CASHLESS
https://blackforestproject421.blogspot.com/2023/06/cash-is-king-and-why-world-will-not-go.html
Kakeibo (家計 簿) Links:
Making more money will not solve your problems if cash flow management is your problem. - Robert Kiyosaki
https://thesamuraiseven7.blogspot.com/2023/04/my-kakeibo-journal-part-1.html
This is everyone’s money. Money is an expression of our own hearts. In the world today, there are many misfortunes involving money. Here, people live supporting each other. If people’s hearts become one, it is natural that money also become one and is shared by everyone. Everyone can live happily with less money than if they owned it individually. This is one wallet economy. – Accountant of the Konohana Family
https://thesamuraiseven7.blogspot.com/2023/03/the-one-wallet-economy-of-konohana.html
“He who laughs at one yen will weep at one yen.”
https://www.jrpass.com/blog/everything-you-need-to-know-about-japanese-yen-when-traveling
https://thesamuraiseven7.blogspot.com/2023/06/why-japan-still-uses-cash.html
It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. - Robert Kiyosaki
https://thesamuraiseven7.blogspot.com/2023/04/robert-kiyosaki-on-budgeting-your-income.html
Treat people you do business with as if they were a part of your family. - Konosuke Matsushita
https://thesamuraiseven7.blogspot.com/2023/03/the-7-guiding-principles-of-konosuke.html
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