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A major Australian bank will stop its customers from withdrawing and depositing cash and checks from branches later this month.
Macquarie Bank will shift towards “completely digital” payments beginning in May, 7 News reports.
“From May 20, Macquarie customers will not be able to access over-the-counter services at Macquarie offices or order new chequebooks,” the outlet stated.
Starting this month, one of Australia’s largest banks will no longer allow customers to deposit or withdraw cash or checks. The bank is transitioning to digital payments predictably citing “convenience”.
Do NOT not let this trend to take root in the US!
No cash options = CBDCs! pic.twitter.com/nIMoxkK1j1— Jason Bassler (@JasonBassler1) May 9, 2024
“The bank first announced in September last year that it would phase out cash and cheque services across all its banking and wealth management products from January to November 2024,” Senator Gerard Rennick said.
“If banks don’t want to provide access to cash then they should lose their banking licence. It’s that simple,” he added.
“Macquarie Bank customers will no longer be able to use cash at its branches from later this month as part of its transition to a fully digital model.
The bank first announced in September last year that it would phase out cash and cheque services across all its banking and… pic.twitter.com/PPKcUaD0L0
— Senator Gerard Rennick (@SenatorRennick) May 2, 2024
7 News reports:
Chequebooks for new cash management accounts were the first to go when the bank ditched the service in January.
Then in March, Macquarie ceased its automated telephone banking service, meaning customers can no longer make payments over the phone.
Come November 1, customers will not be able to write or deposit personal cheques, request or deposit bank cheques or make a super contributions or payments via cheques.
Macquarie will also end its partnership with NAB branches, meaning no depositing cash or cheques over the counter at NAB either.
Digital banking was a “safe, quick, and more convenient” way to transact, Macquarie said.
“As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers can access secure and reliable digital payment options,” Macquarie said.
Customers will still be able to withdraw cash at an ATM.
#Macquarie Bank to Go #Cashless as the #Banking Sector Shifts to Digital-Only in #Australia https://t.co/ptQQ2j1Bx1
— Bitcoin.com News (@BTCTN) May 9, 2024
In Australia, the banking industry has continued trending toward ‘completely digital,’ making central bank digital currencies (CBDC) closer to reality.
Per Bitcoin.com:
Macquarie’s actions follow a trend in the Australian banking sector, as several banks have already taken similar steps. ANZ, a top Australian bank, recently communicated it was also dropping cheque support. Bankwest, another banking institution, decided to go digital only and is prepared to close 45 branches by October.
This digital shift happens as Australian society is dropping cash and going digital. Only 13% of the payments in 2022 involved cash, according to Michele Bullock, the governor of the Reserve Bank of Australia (RBA). Last year, Bullock stressed that 75% of Australian citizens were considered “low cash” users. However, Bullock recognized that cash use was still important in certain regions and for elderly people.
