Macquarie Bank to Eliminate Cash and Cheque Services by 2024
“Between January and November 2024, we’ll be phasing out our cash and cheque services across all our banking and wealth management products,” the bank said.
Australia’s fifth-largest bank will phase out cash and cheque deposits and withdrawals from 2024 as it plans to transform into a solely digital banking platform.
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“We’ll also be switching off our automated telephone banking service used to make payments over the phone.”
While Macquarie Bank currently partners with the National Australia Bank (NAB) to allow its customers to make cash withdrawals and deposits at NAB branches, the service will also cease by November 2024.
The bank will then phase out its telephone banking system in March and its cheque system by May 2024.
In addition, customers will be unable to deposit or withdraw cash or cheques over the counter at any Macquarie branch from May 2024 onward.
“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and convenient way to bank,” a Macquarie spokesperson told The Epoch Times.
“The majority of our customers already bank digitally and we’re working very closely to support the less than one percent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.”
Concerns About Negative Impacts of Macquarie’s Decision
While Macquarie Bank said the decision to phase out cash and cheque services was necessary, some experts have raised concerns about its impacts on customers.
Nick Bruining, a financial advisor, said he had received calls from Macquarie customers
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