Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

 

[Steve56Louie36]

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Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

IT IS A VERY UNSETTLING THOUGHT THAT WE HAVE A "CASHLESS" SOCIETY, THE GOVERNMENT ALREADY HAVE TO MUCH control over what we do in our personal lives, this will be a big step in being able to control another aspect of our lives.

 

[Leodalion63]

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

I don't think it's fair you being force to do something again by the banks. Over a long period of time like in years, there still no input from government in how changes inpact certain people when the bank decide whats best for them. I think they need to get out more and meet people who don't work in offices. ( just saying ) I use net banking to pay bills, thats is only because I had help from my son, but I like having cash when I do my shopping. I still liķe the feel of coins and dollars. Take care .

 

[Sherza]

I don't think it's fair you being force to do something again by the banks. Over a long period of time like in years, there still no input from government in how changes inpact certain people when the bank decide whats best for them. I think they need to get out more and meet people who don't work in offices. ( just saying ) I use net banking to pay bills, thats is only because I had help from my son, but I like having cash when I do my shopping. I still liķe the feel of coins and dollars. Take care .

This is exactly what they have been planning for years. Once they are cashless they have complete control of your money, and you. The powers That be have been pushing this for many years and people have let it happen. They will soon wake up and regret being so apathetic

 

[Clancieblue]

So, what happens to people who don't have access to internet or phone to transfer funds.?
Many elderly people can't use technology and we are assuming everyone has technology at home.
Wondering what the bank is actually going to give us for keeping our money with them. Like the supermarkets, we are already serving ourselves.

 

[Cheezil]

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

They wont care what we think, but it's disgraceful that cash options are being removed! So many reasons it should stay & so few why it should go! So unfair on so many people!

 

[Cheezil]

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

View attachment 29894

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

View attachment 29901​

Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

 

[Cheezil]

I dont use that bank & definitely will not be using it if this goes ahead! Boycott needed, people complain, but accept everything they are dished out & dont seem to take any action on anything these days!

 

[Marvin Kombi]

All I can say is, if the banks all go cashless they had better be prepared for a massive increase in law suits because forcing people to use digital payments will only increase cyber fraud. The banks should be investing their billion dollar profits into making internet banking safer.
Bad form, banks. This a dictatorship at its finest.

 

[lonelyasacloud]

The other side of the coin (pardon the pun) is that cash dealing businesses won’t be able to get away with not paying tax. Not helpful to the cash dealing criminals either

 

[Glenys R]

As an older person I hate the thought of no cash and no cheques. I do not have a smart phone, do not know what an app is and struggle to use my old computer. I also live out in the country and do not drive. Life seems to be getting harder for the old!!

 

[Veggiepatch]

So what. Never dealt with Macquarie and never will.
The only worrying thing is that other banks will probably follow suit.

 

[mylittletibbies]

I dont use that bank & definitely will not be using it if this goes ahead! Boycott needed, people complain, but accept everything they are dished out & dont seem to take any action on anything these days!

I don't use this bank, but if I did I would be closing my account today

 

[PattiB]

My husband & I are almost cashless but we both like to keep a little cash in our wallets. We always pay parking with coins etc & you never know when the shop you are in are suddenly going to find their computer is down. We also have quite a few friends who are in their 90’s & don’t have computer etc. A few years ago when Microsoft windows scam was about, one couldn’t work out why people were calling about windows when she had a whole house full. We explained it to her after the laughter had stopped. At least those particular scammers didn’t ever call back.

 

[Dianna62]

My 80+year old parents, only use cash. Every pension day they go to their bank and withdraw the money they require to pay their bills and shop with. They don't have the internet as they are afraid of being hacked or scammed, they don't transfer fund using telephone banking for the same reason. I don't know how my parents would cope if their bank went fully digital. Banks charge us enough fees that they keep increasing but they keep taking away services. Long gone are the days that banks worked for the people and were a safe place to save your money, even they are robbing us blind with all their charges and fees.

 

[Lizzylou]

I always prefer to use cash, the problem with cards are that they are more accessible and you are able to just paywave it which is so stupid, I like to know what I have in my account and know that when I do use my card it comes out immediately not some time in the future. I also don't like the fact that you are charged a surcharge for using your own card and your own money. There is so much wrong with going cashless, it will cost us more for using our card to buy products to keep these business in work and profit. To me if feels like a double dipping scheme.

 

[Stevo114]

I dont use that bank & definitely will not be using it if this goes ahead! Boycott needed, people complain, but accept everything they are dished out & dont seem to take any action on anything these days!

Spot on - we have a world of message boards and social media where everybody whinges about how wronged they are. But very few take any action themselves and expect others to do it for them.

 

[cwolter4]

Macquarie Bank is gearing up to streamline its services by transitioning to digital-only payment systems, which will discontinue cash, cheque, and phone payments for customers starting next year.

Alongside these changes, Macquarie Bank is also severing its partnership with NAB bank branches.

In a recent letter addressed to customers, Macquarie Bank has outlined that by November 2024, customers will lose the ability to write or deposit cheques, including bank cheques, deposit or withdraw cash over the counter at NAB branches or make super contributions or payments using cheques.

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Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings. Credit: Shutterstock.

Beginning in January, Macquarie Bank customers can no longer order new chequebooks.

The telephone banking system at Macquarie Bank is set to be phased out in March next year, followed by a complete discontinuation of cheques in May.

Furthermore, as of May 2024, customers will no longer have the option to deposit or withdraw cash or cheques over the counter at Macquarie branches.

'As a digital bank, we're committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,' a Macquarie Bank spokesperson said.

'The majority of our customers already bank digitally, and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.'

The bank has announced that customers can still make fee-free cash withdrawals from their transaction accounts through ATMs, both within Australia and overseas. However, they will no longer be able to make cash deposits or conduct withdrawals at branches.

Although the bank tried to reassure people, concerns remained regarding the implications of the increasing shift toward digital-only transactions, especially for older and regional Australians.

'Some of these regional communities, in particular, have challenges around internet access,' said Chief Operating Officer of National Seniors Australia Chris Grice.

'There's a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps.'

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Rhiannon Druce, a business owner operating the Junee Licorice and Chocolate Factory in a rural area of NSW Riverina, pointed out that people in regional areas are particularly disadvantaged when banks transition exclusively to digital services.

'People in regional areas constantly have challenges around internet access, so using cash is often an easier option, making the local bank branch and cash services important to those in country towns.'

'There is concern other banks will follow Macquarie Bank's lead, which unfortunately feels inevitable,' they added.

During the pandemic, people displayed a growing preference for digital payments. Surprisingly, though, the use of cash also increased. However, as we fast forward to the present day, it's becoming evident that cash is again losing popularity.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now just over $101.3 billion, the lowest since November 2019. Notably, the number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only denomination that has seen a slight increase, though even this growth is slowing down.

For more information, read the full article here.

Key Takeaways

• Macquarie Bank is planning to phase out cash, cheque and phone payment services starting from January 2024.
• Macquarie Bank customers can only make digital payments, and all cash withdrawals will take place entirely at ATMs from November 2024.
• Depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible from May 2024.
• From November 2024, the bank will no longer offer cash or cheque services, including writing or depositing cheques, cash deposits and branch withdrawals.

Members, what do you think about the decline in cash usage in Australia? How do you perceive this trend? Is it a positive or negative development, in your opinion? Do you think that banks, retailers, and establishments still give priority to cash transactions? Please share your thoughts by commenting below.

If they are closing down these options for cash & cheque deposits & withdrawals, why do we need the bank. Close it down too.

 

[darrellh]

We got a letter from our bank, NAB, stating from hereon in clause 51 ' NAB is not liable for any loss or dammage caused directly or indirectly to a user as a result of NAB's failure to act or delay in acting on any instruction given to it by a user.'
Talk about taking responsibility, NOT.

 

[Trudi]

What people have missed in this article:

1) Macquarie has 1 branch each in Melbourne, Sydney, Brisbane, Adelaide and Perth

2) Macquarie is also cutting its partnership with the NAB, which means their customers will no longer be able to use over the counter transactions at NAB branches

3) Macquarie customers will still be able to withdraw cash from ATMs