Macquarie Bank clients have a few days left to adapt to major 'digital only' overhaul
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As the digital age continues to reshape our daily lives, Macquarie Bank is leading a significant shift in the banking industry, urging its customers to brace for a 'digital only' future.
With just three days remaining until pivotal changes take effect, Macquarie Bank clients are encouraged to act swiftly to ensure a smooth transition.
Macquarie Bank's decision last year to phase out cash and cheque payments reflects a broader trend of customers embracing digital transactions over traditional banking methods.
From 20 May, the bank's customers will face a new reality where over-the-counter services and ordering new chequebooks at Macquarie offices will no longer be available.
By 1 November, further changes will come into play, including the inability to write or deposit personal cheques, request or deposit bank cheques, or make super contributions or payments via cheques.
Moreover, Macquarie's partnership with National Australia Bank (NAB) branches will conclude, eliminating the option to deposit cash or cheques over the counter at NAB.
However, customers with a Macquarie Transaction or Offset account equipped with a Macquarie Debit Mastercard will retain the convenience of withdrawing cash at ATMs.
The digital payment landscape offers a variety of methods to cater to different needs.
BPAY, which means ‘bill payments’, is a staple for online bill payments. It requires a biller code and customer reference number, both typically found on the bill you wish to pay.
Electronic funds transfer (EFT) is ideal for one-off payments, requiring a BSB, account number, and account name.
Direct debit is the go-to method for recurring bills, such as gym memberships, as it automates the transfer of funds between accounts.
Lastly, PayID offers a swift way to pay someone using their phone number, provided the recipient has set up PayID through their bank's app.
Businesses must ensure that their payers, clients, and other entities they interact with are ready to transact digitally.
‘If your payers, clients, and other businesses you work with aren’t set up to pay you digitally, please prompt them to get started now,’ Macquarie said.
New customers opening a Macquarie account on or after May 20 can still utilise cash and cheque deposit services at NAB branches or request a bank cheque until 1 November, when these services will be discontinued.
Macquarie Bank championed digital banking as a 'safe, quick, and more convenient' method of transaction.
‘As a digital bank, we’re committed to transitioning to completely digital payments and continuing to ensure our customers can access secure and reliable digital payment options,’ Macquarie said.
This transformation aligns with the strategies of other major banks, such as ANZ, Commonwealth Bank, and NAB, which have already begun phasing out cheques.
Bankwest is also transitioning to a digital bank this year, planning to close 45 branches in Western Australia by October.
Despite some backlash, these banks cite customer preferences as the driving force behind the move, with 97 per cent of transactions completed digitally and less than 2 per cent of customers visiting branches regularly.
The Reserve Bank of Australia's data reflects this shift, showing a dramatic decrease in cash usage for day-to-day payments.
In 2019, cash accounted for 27 per cent of in-person transactions, but by 2022, this figure had more than halved to just 13 per cent.
ATM usage has also declined since 2008, with the number and value of withdrawals dropping by about 60 per cent and 40 per cent, respectively.
Interestingly, there has been a slight resurgence in cash withdrawals, with the RBA's Retail Payments report revealing a 9.5 per cent growth rate in ATM withdrawals in February 2024 compared to the previous year.
How do you feel about the move towards a cashless society? Are you ready for the shift, or do you have reservations? Share your experiences and opinions in the comments below.
With just three days remaining until pivotal changes take effect, Macquarie Bank clients are encouraged to act swiftly to ensure a smooth transition.
Macquarie Bank's decision last year to phase out cash and cheque payments reflects a broader trend of customers embracing digital transactions over traditional banking methods.
From 20 May, the bank's customers will face a new reality where over-the-counter services and ordering new chequebooks at Macquarie offices will no longer be available.
Macquarie Bank customers only have a few days left before it goes completely digital. Credit: Shutterstock
By 1 November, further changes will come into play, including the inability to write or deposit personal cheques, request or deposit bank cheques, or make super contributions or payments via cheques.
Moreover, Macquarie's partnership with National Australia Bank (NAB) branches will conclude, eliminating the option to deposit cash or cheques over the counter at NAB.
However, customers with a Macquarie Transaction or Offset account equipped with a Macquarie Debit Mastercard will retain the convenience of withdrawing cash at ATMs.
The digital payment landscape offers a variety of methods to cater to different needs.
BPAY, which means ‘bill payments’, is a staple for online bill payments. It requires a biller code and customer reference number, both typically found on the bill you wish to pay.
Electronic funds transfer (EFT) is ideal for one-off payments, requiring a BSB, account number, and account name.
Direct debit is the go-to method for recurring bills, such as gym memberships, as it automates the transfer of funds between accounts.
Lastly, PayID offers a swift way to pay someone using their phone number, provided the recipient has set up PayID through their bank's app.
Businesses must ensure that their payers, clients, and other entities they interact with are ready to transact digitally.
‘If your payers, clients, and other businesses you work with aren’t set up to pay you digitally, please prompt them to get started now,’ Macquarie said.
New customers opening a Macquarie account on or after May 20 can still utilise cash and cheque deposit services at NAB branches or request a bank cheque until 1 November, when these services will be discontinued.
Macquarie Bank championed digital banking as a 'safe, quick, and more convenient' method of transaction.
‘As a digital bank, we’re committed to transitioning to completely digital payments and continuing to ensure our customers can access secure and reliable digital payment options,’ Macquarie said.
This transformation aligns with the strategies of other major banks, such as ANZ, Commonwealth Bank, and NAB, which have already begun phasing out cheques.
Bankwest is also transitioning to a digital bank this year, planning to close 45 branches in Western Australia by October.
Despite some backlash, these banks cite customer preferences as the driving force behind the move, with 97 per cent of transactions completed digitally and less than 2 per cent of customers visiting branches regularly.
The Reserve Bank of Australia's data reflects this shift, showing a dramatic decrease in cash usage for day-to-day payments.
In 2019, cash accounted for 27 per cent of in-person transactions, but by 2022, this figure had more than halved to just 13 per cent.
ATM usage has also declined since 2008, with the number and value of withdrawals dropping by about 60 per cent and 40 per cent, respectively.
Interestingly, there has been a slight resurgence in cash withdrawals, with the RBA's Retail Payments report revealing a 9.5 per cent growth rate in ATM withdrawals in February 2024 compared to the previous year.
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