‘Five days left for customers as Macquarie Bank transitions to cashless transactions’

The Federal budget recently announced tens of billions of dollars in financial relief for Australians. However, customers at Macquarie Bank have just five days left before the institution goes completely cashless at its own offices.

Last year, Macquarie Bank made the decision to phase out cash, cheque, and phone payments for customers, making it one of the first banks to become entirely cashless. Starting on May 20, customers will no longer be able to access over-the-counter services, deposit or collect cheques, or order new chequebooks at Macquarie offices.

Customers with a Macquarie Transaction account or Offset account with a Macquarie Debit Mastercard will still be able to withdraw cash at ATMs across Australia without incurring fees. However, starting on November 1, the fifth-largest bank in Australia will be completely cashless.

After October 31, customers will not be able to write or deposit personal cheques, deposit or request bank cheques, deposit cash or cheques over the counter at NAB branches, or make super contributions or payments via cheque. Any cheques received after the deadline will be returned to the sender.

According to a spokesperson from Macquarie Bank, the transition to digital payments by November 2024 aims to provide a safer, faster, and more convenient way for customers to bank. While the majority of customers already bank digitally, the bank is working closely to support the less than 1 percent who still rely on cheques or cash.

Although the move to go cashless has been praised for its convenience, it has also faced criticism for potentially impacting groups of people, particularly the elderly, who heavily rely on non-digital services.