National Australia Bank Ltd (ASX: NAB) customers have raised concerns the bank is no longer taking cash at the branch for card payments. However, the banking giant has denied the claims.
The NAB share price finished the day at $28.94, a 0.1% gain. In contrast, the S&P/ASX 200 Index (ASX: XJO) climbed 0.73% today.
Let's take a look at what is worrying NAB customers.
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What is worrying NAB customers?
NAB is facing concern from customers who claim the bank is no longer taking cash for credit card payments within the branch, The Age reported. Two branches that have attracted customer complaints are the Ballarat branch in Victoria and the Bribie Island branch in Queensland.
The Financial Sector Union blasted the NAB over the reports, The New Daily stated. The union's national secretary Julia Angrisano said:
This is an outrageous bid by NAB to block its customers from using branches for a common transaction many older people make.
There is no other reason for the NAB to specifically target credit card payments, except to force customers onto digital banking.
However, the NAB group executive personal banking group executive Rachel Slade denied the claims. She said:
NAB continues to take credit card payments over the counter in branches. Any suggestions otherwise are wrong.
I want every one of our customers to have a simple and easy experience banking with NAB. That's why our branch teams are showing customers additional ways to repay their credit cards.
More than 94% of customer interactions are now taking place over the phone, by video or online.
The NAB share price gained 4.51% on February 10 after the bank released its first-quarter update. The bank reported a 12% surge in cash earnings to $1.8 billion and an 8% boost in revenue compared to the FY21 second half quarterly average.
My Foolish colleague Tony recently reported analysts are bullish on NAB's latest results. A CMC markets survey found 11 out of 17 professional investors rate NAB shares as a buy. Eight of these rate it as a strong buy, while three see it as a moderate buy.
NAB share price snap shot
The NAB share price has soared more than 17% in the past 12 months, while it is up 0.35% year to date.
For perspective, the benchmark ASX 200 has returned about 5.63% over the past year.
NAB has a market capitalisation of about $93 billion.
