Major bank goes cashless to become 'completely digital'

The banking landscape is undergoing a seismic shift, and Macquarie Bank is at the forefront of this change.

In a move that signals the future of financial transactions, Macquarie Bank has announced that it will transition to a fully digital model, eliminating cash and cheque services at its branches later this month.

This decision is a clear nod to the rapidly evolving consumer behaviour and the increasing reliance on digital banking solutions.



Macquarie Bank announced in September 2023 that it would gradually eliminate cash and cheque services from all its banking and wealth management products between January and November 2024.

From May 20, customers will no longer be able to order new cheque or deposit books, and phone banking services have ceased since the start of March.


shutterstock_441894061.jpg
Macquarie Bank announced it will go completely cashless. Credit: Shutterstock


‘Instead, you’ll be able to make payments digitally—a safer, quicker, and more convenient way to bank,’ Macquarie Bank said.

Additionally, Macquarie's partnership with NAB branches will end, meaning that cash and cheque deposits and withdrawals will not be available for Macquarie customers at National Australia Bank (NAB) branches from 1 November.

Commonwealth Bank, NAB, and ANZ have stopped handling cash in some of their branches and reassured customers that they will maintain in-branch cash services.



The Australian Banking Association (ABA) reported that nearly 99 per cent of all customer interactions with banks now occur digitally, while over 1600 Australian bank branches closed between 2017 and 2022.

The Reserve Bank of Australia (RBA) has noted that the COVID-19 pandemic accelerated the decline in cash use, with only around 13 per cent of payments made using cash in 2022, a significant drop from 70 per cent in 2007.

Furthermore, the Australian Bureau of Statistics (ABS) has highlighted a dramatic decrease in ATM use, from 78 million withdrawals in December 2008 to just 30 million in June 2023.

Despite the decline, RBA reported that cash acceptance remained relatively high, with 94 per cent of businesses still accepting cash as of June 2022 from 99 per cent in February 2020.



Experts have varying opinions on the future of cash.

‘I’d say we’ll be functionally cashless by the end of 2025—it’ll just be a complete rarity,’ Richard Holden, a Professor of Economics at the University of New South Wales Business School, said.

‘But unless the government gets involved to accelerate the process, I think we’ll be actually cashless by 2030.’

Holden also claimed that there were only a few reasons to use cash ‘other than illicit acts or people who want to use cash to hide things from people’.

On the other hand, Chris Vasantkumar, a lecturer at Macquarie University, believed that cash is ‘unlikely to go away completely’.



‘On a personal level, some folks (indeed some societies) have serious concerns about lack of privacy—this is the flip side of a popular argument for moving to cashless transactions—decreased crime as a result of increased transparency,’ Vasantkunar said.

‘But one person’s transparency is another person’s surveillance. How much information about our economic behaviour are we comfortable giving up?’

Dr Angel Zhong, Associate Professor of Finance at the Royal Melbourne Institute of Technology (RMIT), predicted that 90 per cent of society would go cashless, but ‘it does not mean that cash as a legal tender will lose value or disappear from society’.

‘People who don’t use cash might still be concerned about the security of their digital transactions and the safety of their financial information,’ she said.

‘Even though they don’t use cash, people might still be wary of becoming too dependent on digital technology for everyday transactions.’
Key Takeaways

  • Macquarie Bank will become completely cashless this month as part of its move towards a fully digital service model.
  • The bank is ending cheque and cash services and has already ceased phone banking services, focusing on digital payments, which they deem safer and more convenient.
  • Other big banks in Australia have reassured that they will maintain in-branch cash services despite a general trend of declining cash usage.
  • Experts predicted Australia may become functionally cashless by the end of 2025, though a completely cashless society might only be realised by 2030, and cash is expected to retain value for privacy concerns and as a legal tender.
Have you been affected by the reduction of cash services? Let us know in the comments below.
 
Sponsored
My bank closed the local branch a few years ago forcing us to drive to another location. Did not leave or install an ATM.

Forward 2 years, this bank installed an ATM where the branch used to be.

This ATM is down every week and it takes 2-3 days to get it working after you spend 30 minutes in the phone reporting it.

This provision of an ATM that doesn't work A LOT is a way of moving people on to tech banking and allows the banks to record these 'reduced reliance on cash' transactions statistics. This creates the justification for closure/removal of ATMs.

Then the blame for service closures (branches and ATMs), is placed on the people. Clever planning.
 
Recently had a transaction with AMAZON, hadn't used them for a while, "THEY RECOMMENDED" that I update my password to 2 step verification which I did, then they confirmed and thanked me for "MY REQUEST" to change password. NOTE THE SUBTLE CHANGE OF BLAME. Make sure you READ everything very carefully.
 
I'm with Great Southern Bank ( used to be CUA) and although they closed the Bundaberg branch if I have a problem all I do is make contact with the Manager and it's all fixed. Lovely people and hope they don't start playing the games of other banks.
 
Banks running the country, when did it become law that cash cannot be used.
The reason they want it cashless, making huge profits from the interest on cards.
What is our Government doing about this and every other institution doing the same thing, obviously as usual, a big fat nothing.
It’s disgraceful.
 
I've done quite a few trips to outback areas (some not all that remote e.g. Longreach), where the businesses I have purchased from have said "Sorry, eftpos is down. Cash only." Cash needs to be available always as a back up.
 
Recently had a transaction with AMAZON, hadn't used them for a while, "THEY RECOMMENDED" that I update my password to 2 step verification which I did, then they confirmed and thanked me for "MY REQUEST" to change password. NOTE THE SUBTLE CHANGE OF BLAME. Make sure you READ everything very carefully.
They "recommended" you to change, but YOU decided to do it. It was not forced upon you so in fact you have requested the change.
 
  • Like
Reactions: Mark1 and PattiB
The Ordinary person on the street could not give a hoot about Macquarie Bank, to the guy on the street they are a nothing Bank. The look after the Multi Millionaires money, not Joe Blow in the Suburbs
Like the "next big bank", Bendigo Bank. A useless entity on the financial front, with multiple branch closures and an across the board $2.00 ATM fee for non Bendigo customers.

Their abhorrent treatment of branch managers by senior management is beyond comprehension. Absolute pigs!
 
  • Like
Reactions: oldsalt
I've done quite a few trips to outback areas (some not all that remote e.g. Longreach), where the businesses I have purchased from have said "Sorry, eftpos is down. Cash only." Cash needs to be available always as a back up.
I was working on the road for 10 years, all around the country, 45 weeks per year, over 1 million kms and never experienced eftpos down. I suggest that they may have been after cash for the obvious tax avoidance reasons.
 
Banks running the country, when did it become law that cash cannot be used.
The reason they want it cashless, making huge profits from the interest on cards.
What is our Government doing about this and every other institution doing the same thing, obviously as usual, a big fat nothing.
It’s disgraceful.
"when did it become law that cash cannot be used" haha, it's always been like that. There is no law stating that cash must be accepted, just a myth. The Australian dollar is legal tender, meaning it's THE currency that's used in Australia, as long as the business has a sign stating cash will not be accepted it's legal.
 
IT's our money, banks can't survive without it, why are they able to dictate terms to us, I'm calling for a boycott. Hit them where it hurts, take your money out.
Macq bank are an investment bank, retail banking is not their main focus, the use of cash through their office would always have been little. Just like many investment banks who have never had cash transactions, just another media beat-up and the masses fall for all the hype.
 
A long time ago, the phrase "bankers are bastards" was coined. And, no it wasn't digital coinage. It was the golden sovereign of truth.

With gutless governments who couldn't care less except for selling us their next lying election promises..........

If a business such as a restaurant refuses to accept cash, just write them a cheque, which is simply a paper credit card.
 
Last edited:
  • Like
Reactions: oldsalt

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else

Latest Articles

  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×