{"id":28336,"date":"2017-11-27T07:43:42","date_gmt":"2017-11-27T12:43:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28336"},"modified":"2017-11-27T07:44:06","modified_gmt":"2017-11-27T12:44:06","slug":"spains-third-biggest-bank-just-made-it-harder-to-get-cash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28336","title":{"rendered":"Spain\u2019s Third Biggest Bank Just Made it Harder to Get Cash"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2017\/11\/25\/spains-third-biggest-bank-just-made-it-harder-to-get-cash\/\">Spain\u2019s Third Biggest Bank Just Made it Harder to Get Cash<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>War on Cash bogs down, despite best efforts of government, banks, and credit card companies.<\/strong><\/p>\n<p>Spain\u2019s third biggest lender, CaixaBank, has <a href=\"http:\/\/www.eleconomista.es\/banca-finanzas\/noticias\/8766651\/11\/17\/CaixaBank-limita-hasta-las-11-horas-sacar-e-ingresar-dinero-en-ventanilla.html\" target=\"_blank\" rel=\"noopener\">just launched a pilot project<\/a> in Madrid aimed at limiting cash services in their branches to less than three hours a day, from 8:15 am to 11 am. After that point, all cash operations, including the settlement of bills and cash withdrawals and deposits, must be conducted through an ATM.<\/p>\n<p>Caixabank is not the first Spanish bank to try out such a scheme, but it is the biggest. Spain\u2019s fourth largest lender, part state-owned Bankia, has removed <em>all<\/em> cash services from select branches (including my local branch), forcing customers to withdraw or deposit cash at the ATM or travel further afield to another branch that still offers cash services.<\/p>\n<p>It\u2019s part of a broad trend. Bank branches are increasingly becoming so-called \u201ccustomer advisory points,\u201d where the primary role of branch staff is to sell customers a myriad financial products, many of them no doubt risky.<\/p>\n<p>Those same customers are forced to perform many of the more rudimentary bank operations (cash withdrawals and deposits, transfers, payment of bills\u2026) themselves, either at the ATM or online. It\u2019s a great way of getting your customers to do your work for you while also cutting back on staffing costs.<\/p>\n<p>pain\u2019s banking industry has already witnessed a <a href=\"http:\/\/www.publico.es\/economia\/banca-espanola-banca-espanola-lleva.html\" target=\"_blank\" rel=\"noopener\">savage cull of branch and office staff<\/a> since the financial crisis began as many banks collapsed while those left standing closed many of their branches. In 2016 the total number of workers in the sector was 189,280 \u2014 81,605 fewer than in 2009. What\u2019s more, it\u2019s a trend that shows little sign of ending, especially with most other banks almost certain to follow CaixaBank and Bankia\u2019s lead in paring back their cash services.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spain\u2019s Third Biggest Bank Just Made it Harder to Get Cash War on Cash bogs down, despite best efforts of government, banks, and credit card companies. Spain\u2019s third biggest lender, CaixaBank, has just launched a pilot project in Madrid aimed at limiting cash services in their branches to less than three hours a day, from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[3568,63,16314,1035,17185,743,4927,4255],"class_list":["post-28336","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-bankia","tag-banks","tag-caixabank","tag-cash","tag-don-quijotes","tag-spain","tag-war-on-cash","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28336"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28336\/revisions"}],"predecessor-version":[{"id":28337,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28336\/revisions\/28337"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}