Macquarie Bank, Australia’s fifth-largest bank, will remove all its cash and cheque services by the end of next year.
The phase-out will start in January and operations will become completely digital by November.
Telephone banking will also be switched off.
Macquarie Bank cash phase-out
The phase-out was detailed in a letter to Macquarie customers this week.
said the change would make banking “safer, faster, and more convenient”. They said less than 1% of their customers still use cash or cheque services.
Customers will still be able to withdraw cash through ATMs across Australia. However, they will no longer be able to deposit cash at NAB branches, ending a deal between the two banks.
The timeline of the phase-out
Your contribution ensures The Daily Aus can continue doing the work you love.
I want to give $10 monthly to help TDA keep doing the news.
Your account details:
National cheque phase-out
In June, theannounced plans to phase out cheques by 2030.
This would be enforced through legislation to ensure payment methods keep up with new technologies.
Federal Government departments are expected to stop using cheques by 2028.
