[Jan Fisher]

Do you bank with Macquarie? Do you like cash? Too bad, your bank is going cashless.

The bank has announced it will phase out cash across all branches in 2024.

“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,” the bank said in a statement to clients.

As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year.

The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM.

Macquarie said the decision was prompted by the fact that only 1 per cent of its customers used cash or cheques.

“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and more convenient way to bank,” a Macquarie Bank spokesperson said.

However, there are fears for older and regional Australians.

“Some of these regional communities in particular have challenges around internet access,” Chief Operating Officer of National Seniors Australia Chris Grice told 9News in July.

“There’s a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps,” he added.

Do you still use cash? Would you be comfortable going entirely digital with your money?

[David Ryder]

I would be happy with all digital transactions for banking as long as ATM’s remain and cash keeps circulating. We need cash for small expenditures such as pocket money for children.

[ronloby]

Yes I agree we still need some cash for small items like the local paper and other small cost items. This should apply in the country areas more so than the cities.

[MjP]

This is a misleading article, the bank is just not issuing cash from the branches, you need to use an ATM.

[Couldabeen]

The actual use of cash would be invisible to the bank itself. From observations in the shops, there is still a lot of cash transactions at the lower end. Maybe not in the amounts that MacQuarie thinks relevant, but an ATM withdrawal once a fortnight, or even once a month can feed a lot of Sunday markets and small purchases in the general stores and newsagents.
Governments and big banks want to stamp out the black and grey markets and this is part of their ploy to control the general public.

[Author]

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