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.

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.

Key Takeaways

• Macquarie Bank is moving towards a fully digital payment system, phasing out cash and cheque services for its customers starting May 20.
• Customers will need to adopt alternative digital payment methods for transactions, such as BPAY, EFT, direct debit, and PayID.
• The transition reflects a broader trend among Australian banks and consumer habits, with a significant decline in using cash and ATMs for day-to-day payments.
• Although there has been a recent slight resurgence in ATM withdrawals, the overall movement is towards digital banking, with other major banks like ANZ, Commonwealth Bank, NAB, and Bankwest also transitioning away from physical banking services.

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.

 

[IAN3005]

I totally agree especially as not only are they going cashless but they are refusing to let people bank cheques, including bank cheques from other branches. This means that their customers are unable to accept cheques as payment (or gifts) so in effect, Macquarie Bank is also forcing it's practices onto others.

Cheques.... what are they? haven't used them for 15 years...

 

[freedy50]

Yeah, not sure you have been listening to the WEF either. Here's what I uncovered.


The World Economic Forum (WEF) has NOT declared that they will be creating a global digital currency that would replace all national currencies. However, the WEF has been actively involved in discussions around digital currencies and their governance. Let’s break down the statements:

1. Replacing All National Currencies:
   • The WEF has NOT proposed NOR endorsed a global digital currency to replace all national currencies. While there are discussions about central bank digital currencies (CBDCs) and stablecoins, these are typically issued by individual countries or regions, not by the WEF.
   • CBDCs are digital versions of a country’s official currency issued by its central bank. They COEXIST with physical cash and commercial bank deposits.
   • The idea of a single global currency replacing all others is NOT currently a mainstream proposal.
2. Use-by Date and Savings Control:
   • The concept of a digital currency having a use-by date is not a common feature of CBDCs or other digital currencies.
   • CBDCs are designed to enhance payment efficiency, financial inclusion, and transparency. They are NOT intended to limit people’s ability to save or control their finances.
   • The notion of preventing individuals from building up savings outside of government control is NOT a characteristic of CBDCs. In fact, CBDCs aim to provide secure and accessible digital payment options for everyone.
3. Tracking Spending and Preventing “Wrong” Behavior:
   • CBDCs do enable traceability of transactions, but this is primarily for regulatory purposes (e.g., anti-money laundering, tax compliance) rather than monitoring individual spending habits.
   • The idea that CBDCs would be used to decide if someone is “wasting” money or to prevent certain behaviors is to put it politely speculative and not supported by current CBDC designs.
   • Privacy and data protection are important considerations in CBDC development, and any tracking would need to balance transparency with individual rights.
4. Australian Government’s Stance:
   • The Reserve Bank of Australia (RBA) has been exploring the possibility of a CBDC.
   • The RBA has conducted a CBDC pilot project to evaluate its feasibility and implications. However, no decision has been made to issue a CBDC at this time.
   • The Australian government has NOT officially indicated willingness to adopt a specific digital currency. Any such decision would involve careful consideration of economic, regulatory, and technological factors.

So I think that while discussions about digital currencies are ongoing, your statements a, b, and c do not accurately reflect current CBDC developments or the WEF’s position.

Brad Jones Assist Govenor Finances at the RBA recently said "recent extreme weather events in Australia have reminded us that existing electronic and physical cash distribution networks can also be severely disrupted on occasion. And cyber-induced disruptions represent a universal risk from which Australia is not immune."
So a very careful and considered approach to any change in our payment system.

So I think there just might be a little, tiny bit of conspiracy theory going on in what you've had to say. So yes, yonks down the track we will have our own digital currency, that looks to co-exist with cash. My take is that Australia's future Central Bank Digital Currency and or Stable coins will have many benefits including making our currency more resilient. Inclusivity is a key point of all people being able to access a payment system.

I doubt any Australian Govt would be the slightest bit impressed with what the likes of Zuckerberg has to say.

There are enough people who have unfounded, but to them real, concerns regarding a cashless society and there is no decent reason to alarm people unnecessarily. It won't happen in my lifetime and probably not 15years after that lifetime date. When we end up with a digital currency, it will coexist with retail cash.

Excellent response to the weird theories some people want to believe for some reason.

 

[freedy50]

You obviously have not been listening to what the World Economic Forum (WEF) have been saying.

They have declared that they will be creating a digital currency that will:

a. Replace all national currencies, so no individual country can choose to use cash.

b. Have a use by date, so people will not be able to build up savings outside of government control, and

c. Be able to track what you are spending your money on, so they can decide if you are wasting your money and can prevent you doing things wrong (wrong being whatever they decide it is.)

Representatives of the current Australian government have indicated willingness to adopt this currency, once it has been established.

The WEF is supported by the UN and the World Government Organisation plus several of the richest people in the world, like Bill Gates and Mark Zuckerberg.

None of this has been reported in our parliament, nor has any of the many Federal politicians (from both sides of politics) who have graduated from the WEF World Leaders program declared their involvement in this plan.

Clearly no conspiracy going on there.

Obviously you've seen the excellent response from @JimmyFlatrock with all the proper facts about this?

 

[JimmyFlatrock]

Obviously you've seen the excellent response from @JimmyFlatrock with all the proper facts about this?

Cheers for that freedy50.

Everyone is entitled to their own beliefs, and I respect that, but when utter non-nonsense is trotted out dressed up as facts, that's what can cause a lot of vulnerable people in communities to get concerned and worried for no good reason.

While most do not have the reach to scare many people, in my opinion, it's the likes of foreigners like a child-like Trump or a lying Murdoch that can polarise entire countries by creating alternate facts to set the agenda for gains to their own personal power and dollars. They are the real villains, imo, the rest are just an itch on the backside.

So, back on topic, imo, Macquarie Bank simply do not have enough customers left that use cheque books. Only 2% of their customers visit branches. There is no conspiracy on their part, it simply makes good business sense to reduce costs, when costs are there for no good reason. There would be minimal staff involved in the cheque book process.

Also imo,
Will the decisions of MacQ bank have any impact on Australians using cash in the broader sense, no.
Is Australia about to become a cashless society, no.
Should people be concerned about the actions of this bank, no.

Hope you have a bloody good day freedy50, with the smiling on you.

 

[crabby2gmailcom]

Interesting as your research of the WEF press releases is, they don't match the comments of Klaus Schwab that I watched on TV some time back.

But perhaps he didn't know what he was talking about, he's only the head of the organisation.

Still, until any political policy is actually implemented you can never be sure what you should believe.

Just hope that you don't get screwed over by experts.


As The Who said:
"Here comes the new boss, same as the old boss. Don't get fooled again!"

The WEF is Not a Central Bank and therefore cannot implement a CBDC by definition Mrtnst. They can influence them to though as that's the murky world of Backroom deals. Or the Central Banks can do it independently of anyone. It's coming and that's the Point. Then once we're hooked on the New System, they can expand the Control Features of it to Squash the Opposition to it. Certain categories of Stuff can then be made off-limits like Guns and Ammo, certain foods and Fuels so that the Dangerous, Unhealthy and the Polluters can be got rid of. Even Political Speech can be banned with Digital ID's which will be linked in to the System. My central premise remains that they want to Control US the People who will Pay for all of this! I hope this helps people to understand the Huge Threat a System like this is. Thx All.

 

[June E]

I boycot any business that refuses cash.i closed my account with Macquarie Bank after writing to them expressing my reluctance to do business with businesses that refuse cash.
If everyone did the same iam sure things will change.

I doubt it, there’s not enough people to do it. They either don’t understand or don’t care.