Billion-Dollar Bank Terminating Cash Transactions in All Branches in Abrupt Shift to Digital-Only Era
A bank with more than $250 billion in total assets says it will soon terminate cash transactions in all of its branches.
The Australia-based Macquarie Bank says it will launch a plan to eliminate all cash, check and phone payment services in January, shifting to a digital operation by the end of the 2024.
“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts.
We’re also switching off our automated telephone banking service used to make payments over the phone. This means from November 2024 we’ll no longer offer cash or cheque services. Instead, you’ll be able to make payments digitally – a safer, quicker, and more convenient way to bank.”
Macquarie customers who currently deposit and withdraw cash at affiliated National Australia Bank branches will also lose that option by November.
Once the changes are rolled out, anyone who banks with Macquarie and wants to withdraw cash will be relegated to the bank’s ATMs, which allow customers to withdraw a maximum of $2,000 AUD per day.
“Customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees.
However, cash deposits and branch withdrawals will no longer be available.”
Although ANZ and Commonwealth Bank have also revealed plans to eliminate cash options at a select number of branches, Macquarie Bank is the first to roll out the changes across the board.
A recent report from Australia’s central bank found fewer people are using cash for payments, but concluded that the option is “still important for some people.”
A survey from the central bank found cash was used in 27% of in-person transactions in 2021, compared to 23% in 2020.
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