$267,000,000,000 Bank To Abolish Cash, Warns Customers To Prepare for Massive Digital Overhaul

One of the largest banks in Australia is rolling out a plan to terminate cash and checking services.

In an update on its website, Macquarie Bank, which has $267 billion in assets, tells customers that a digital-centered banking experience will begin in November.

“In case you missed it, we’re phasing out our cash and cheque services for all products. To prepare for this change, you’ll need to start transacting digitally – a safe, quick, and more convenient way to bank. We’re removing our cash and cheque facilities in a phased approach.”

The bank says customers will no longer be able to access a list of over-the-counter services at Macquaries’ physical locations, nor deposit or collect checks or order new checkbooks.

“From Friday 1 November 2024

You won’t be able to:

• write or deposit personal cheques
• deposit or request bank cheques
• deposit cash or cheques over the counter at NAB branches
• make a super contribution or payment via cheque.

Please note any cheques received after Thursday 31 October 2024 will be returned to the sender.”

Once the changes are rolled out, Macquarie customers will only be able to withdraw paper money from their accounts using ATMs owned by rival banks, with withdrawals capped at $2,000 AUD per day.

The move comes amid a broader shift away from cash across the country.

A total of 424 bank branches representing 11% of all banks in Australia were closed from June 2022 and June 2023, according to the Australian Prudential Regulation Authority (APRA)

At the same time, banks removed access to 718 ATMs.

Australians held a rally on April 2nd to protest the widespread closures and bring attention to the country’s move away from cash.

 

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