Macquarie Bank Abandons Cash in Record Time

A prominent Australian bank is ceasing cash and cheque services across all branches nationwide, with additional changes slated to roll out in just over two weeks.

Macquarie Bank revealed last year its intention to revamp its conventional cash and cheque services, aligning with shifting customer preferences and the increasing adoption of digital banking solutions.

This transition, which commenced earlier this year, has progressed rapidly, with the elimination of chequebooks for new cash management accounts in January, followed by the cessation of automated telephone banking services in March.

Starting May 17th, Macquarie customers can no longer access in-person cash or cheque services at the bank’s counters.

Customers will need to use ATMs for cash withdrawals, while until November 1st, they can deposit cash in person at NAB branches.

Following this, customers face a looming deadline of November 1st, when Macquarie Bank will completely discontinue all cash and cheque services.

A spokesperson for Macquarie emphasized the bank’s commitment to transitioning to fully digital payments. They stated, “Customers can still withdraw cash from their transaction accounts using ATMs nationwide as usual, and we’ve reached out to the small number of customers who rely on our branch locations to assist them in transitioning to digital banking solutions.”

Macquarie’s website highlights the benefits of digital banking, emphasizing its safety, speed, and convenience. It also cautions against using cash or cheques for payments, citing the risk of theft or loss during mail delivery.

Despite the bank’s assurances regarding the advantages of digital banking, including enhanced security and efficiency, some customers remain sceptical about the accessibility and reliability of digital alternatives.