Cashless Macquarie: Major bank scraps cash in just days

A major Australian bank is stopping cash and cheque services from all branches Australia-wide with more changes set to be introduced in just over two weeks.

Last year, Macquarie Bank announced a decision to overhaul its traditional cash and cheque services as part of a strategic pivot due to evolving customer preferences and the growing prevalence of digital banking solutions.

The transition, initiated earlier this year, has unfolded in quick succession, with chequebooks for new cash management accounts being phased out in January, followed by the discontinuation of automated telephone banking services in March.

From 17 May, customers will be unable to access over-the-counter services at Macquarie for cash or cheques.

Customers will need to find an ATM to withdraw their money if they wish to get cash and until 1 November, they can deposit cash over the counter at NAB branches.

After that, a looming 1 November deadline awaits customers, with the bank completely ceasing all cash and cheque services for customers.

A spokesperson for Macquarie said the “digital bank” was “committed to transitioning to completely digital payments.”

“Customers can continue to withdraw cash from their transaction account via ATMs across Australia as normal, and we’ve communicated to the small number of customers who currently use our branch locations to support their transition to digital banking solutions.”

Macquarie’s website states “Digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real-time. “

The site also claims concerns for making a payment via cash or cheque noting “you also run the risk of it being stolen or lost in the mail.”

Despite the bank’s assurances of the benefits of digital banking, including safety, speed, and convenience, some customers remain sceptical about the accessibility and reliability of digital alternatives.