Posted BY: | NwoReport

Macquarie Bank, Australia’s fifth-largest bank, has made a significant announcement regarding its banking services. Starting in January 2024, the bank will begin the process of transitioning to digital-only transactions, which will involve phasing out cash, cheque, and phone payment services in all of its 80 branches. By November 2024, in-branch cash transactions will be entirely discontinued.

The bank has provided a detailed timeline for this transition:

  • January 2024: The discontinuation of new checkbooks for new cash management accounts.
  • March 2024: Automated telephone banking services will be shut down, rendering phone payments impossible.
  • May 2024: Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible, and ordering checkbooks for existing accounts will be discontinued.
  • November 2024: Writing or depositing cheques, including bank cheques, will be completely phased out.

Macquarie Bank, which has a market capitalization of nearly $69 billion and more than one million retail customers, justified this move by highlighting that the majority of its customers already use digital banking, with only about 1% still relying on cash or checks.

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However, there are concerns about how this transition will affect older Australians who may not be as digitally savvy. The Chief Operating Officer of National Seniors Australia, Chris Grice, stressed the importance of educating and informing seniors about using smartphones and digital payment apps.

Notably, Macquarie’s decision to almost entirely phase out cash is unprecedented in Australia, while other banks like Commonwealth Bank, ANZ, and NAB are also moving toward digital-only solutions. Additionally, Treasurer Jim Chalmers announced plans to phase out cheques entirely in Australia by 2030.