[Jan Fisher]

Macquarie Bank customers will no longer be able to use cash at its branches later this month as part of its transition to a fully digital model.

The bank announced last year it would transition to a cash free model over stages and has also removed a number of other services such as cheque books and phone banking.

“Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank,” Macquarie said.

Macquarie is also ending its partnerships with NAB branches. From 1 November, Macquarie customers will no longer be able to deposit or withdraw money from NAB branches as previously allowed.

A finance expert predicts Australia will be ‘funtionally’ cashless by the end of 2025 and totally cashless by the 2030.

UNSW Business School economics profession Richard Holden said cash will soon be a ‘complete rarity’.

Prof Holden said there were very few genuine use cases for cash “other than illicit acts or people who want to use cash to hide things from people”.

What do you think? Should we go cashless? Should we go cashless

[two cents worth]

How can we go cashless when businesses are charging a surcharge to use your cashcard.
Not all businesses, but the local cafes where I live charge a surcharge if you use your cashcard.
Looks like cash really is King … or is this just another example of price gouging?

[Marelle Prendergast]

If restaurants and cafes are to go cashless then they cannot charge face on Card transactions
we need both options, cash and card
Too many restaurants and cafes now do not split the bill so when you go out with a group of friends, one person has to pay the bill and then others have to Reimburse them for the cost of their meal also somehow taking into account the fees and charges applied to that person Card

[GrumpyGrandpa]

Its all about the “money”. The banks etc make obscene profits, continually close branch’s to save on employees, we get,as “two cents worth” notes, charged in most places that use cards and the Macquarie bank is now going cashless, saving a fortune (more profits) from cutting security and cash movement. You have to travel for miles to find an automatic teller machine or, as I did rfecently, have to pay $2:50 to use a privately owned teller machine!! The Government MUST step in and stop this ripoff

[Jennie]

So, how do you give money to a homeless person on the street?
How do you drop coins in a charity collection facility that you find in your shopping mall?

[BTM]

If and when the country goes “cashless” watch the fees attached to card payments go through the roof, banks never have and never will miss an opportunity to rip more money out of peoples pockets.

[Gordon Nussey]

What does going Cashless Mean ???
Will it mean the end of the Chook/Meat Raffle in the Local Bowls, Crochet, Tennis, Soccer, Rugby Club, also what about those Lucky Number Squares where the Prize is (say) $10, how is that going to be paid ???
Also what will happen to the Local School Tuck-Shop, will the Students then have to carry some form or pre-paid debit card ???
It will inconvenience a large number of Senior Citizens who only use Cash, like a friend of mine who still uses her Bank Book (School Bank Book opened 60+ years ago). Her Pension is deposited evert fortnight and then she makes a withdrawal from the Bank of the Cash she needs, she Pays all her Major Bills using Phone Banking on her Dumb Phone. She does not have the Internet, an email address and is not Technology Savvy, and doesn’t want to be.

[KayJay]

Not only are banks going cashless- they are now making it impossible to talk to anyone on the phone. They sent me a notice to say they couldn’t contact me by email, yet no one else has a problem and even other parts of the Westpac business send me daily emails. They refer you to their app on your mobile and to”chat” with their robotic assistant. The assistant who never understands your problem and if it cannot answer it ends the conversation with “You will not be bothered with this problem again”. Just a way of saying “I don’t know the answer”. You have to go to a branch ( if you have one nearby) and sort the problem out there. But unfortunately this same department at Westpac are still telling me, my email isn’t working- maybe they should go to the office next door and ask them how to do it. I receive about 30-40 emails a day form other businesses or friends.

[Author]

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