Since the pandemic has started, some Canadians have reported the inability to withdraw $50 bills at their local bank. BNN Bloomberg looked into these claims and found some interesting details.
Only about 7% of Canadians reported trouble withdrawing cash, but those numbers were primarily from major Canadian cities, including Calgary. This is due to the increased amount of cash withdrawals from banks. In 2020, the mean ATM withdrawal was $195, with the mean in 2017 being $140. But at the same time, 12% of Canadians reported that a merchant refused to take cash as a payment option. This means the cash isn’t necessarily to spend, it is to keep.
These facts can make one wonder if they too should withdraw some cash, but there isn’t anything to worry about. During the early days of the pandemic many people rushed to banks to withdraw cash at a rate that was unexpected. The Bank of Canada spokesperson Amélie Ferron-Craig said the $50 note shortage is temporary and there will be a regular stock replenishment towards the end of the summer.
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