‘Safer, faster and convenient’: Macquarie Bank announces plan to phase out cash and cheques by end of 2024 | Englishheadline


Cheques will be scrapped from January next year and the bank’s automated phone service will be shut down in March.

Customers at the bank, which is the nation’s fifth-largest, will also no longer able to make deposits or withdrawals over the counter at branches from May 2024.

They will only be able to withdraw cash from ATMs starting from November 2024.

In a statement, Macquarie said most of its customers are already banking digitally and the bank will work to help the “one per cent” not currently online.

“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,” it said.

“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.

“The majority of our customers already bank digitally and we’re working very closely to support the less than one per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.”

Finance expert Sarah Wells warned the move could be the the next step towards a cashless society in Australia.

“My biggest concern is when one starts the rest will follow,” she told Daily Mail Australia.

“The next step may be cash rationing at ATMS which for some won’t be an issue but for others it will be, especially as brick and mortar banks look to serve their customers over the needs of those that use their ATMs.”

The announcement comes after Treasurer Jim Chalmers announced that cheques would be completely phased out by no later than 2030.

“Our vision is to create a modern, world-class and efficient payments system that is safe, trusted, and accessible, and enables greater competition, innovation and productivity across the economy,” he said in June.

“Leaving cheques in the system is an increasingly costly way of servicing a declining fraction of payments.

“Today, we’re signalling an intention to wind down the cheque system by no later than 2030, leading the way by moving Commonwealth government departments to new forms of payments by 2028.”

Other nations that have phased out or stopped the use of cheques include New Zealand, Sweden, Finland, South Africa, Norway, and The Netherlands.

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