Macquarie Bank to go ‘fully digital’ and ditch cash within days – what you need to know
A major Australian bank will ditch cash and checks at all its branches within days as it goes ‘completely digital’.
Macquarie Bank customers will no longer be able to access over-the-counter services, deposit or cash checks or order new checkbooks from Monday.
The bank announced its intention to make the move in May last year, saying the decision was made due to a change in customer habits.
From November 1, customers will no longer be able to write or deposit personal cheques, deposit or request bank cheques, deposit cash or checks over the counter at NAB branches or make super contributions or payments by cheque.
Macquarie, unlike the ‘big four’ banks; Westpac, NAB, Commonwealth Bank and ANZ do not have a traditional branch network and the changes affect the three offices in Brisbane, Sydney and Melbourne.
From May 20, Macquarie Bank customers (pictured) will no longer have access to over-the-counter services such as cash deposits
For those who have a Macquarie transaction or offset account with a Macquarie Debit Mastercard, cash can still be withdrawn from an ATM.
To prepare for the phase-out of cash and check services, businesses will need to ensure that everyone they interact with has the ability to transact digitally. 7 News.
“If your payers, customers and other businesses you work with are not set up to pay you digitally, ask them to get started now,” Macquarie Bank said in a statement.
The automated telephone banking service was phased out in March, meaning customers could no longer pay by telephone.
This move has been criticized for not being inclusive, as it could impact how some community members access banking and those who rely on non-digital services, such as the elderly.
A spokesperson for Macquarie Bank said in a statement last year that the bank was committed to being fully digital because it is “safer, faster and easier”.
Customers with a Macquarie Transaction or Offset account with a debit Mastercard can still withdraw cash from ATMs
“The majority of our customers already bank digitally and we are working very closely to support the less than 1 percent of our customers who currently use checks or cash to ensure they have access to other digital payment methods,” he said .
The shift to being digital-only comes as other major Australian banks become more digitally focused.
Checks at ANZ, Commonwealth Bank and NAB are already being phased out.
Bankwest is transitioning to a digital bank this year and will close 45 branches in Western Australia by October.
While the bank faced backlash over this move, the bank said the decision was influenced by customer preferences, with as many as 97 percent of transactions already being completed digitally.
Less than 2 percent of their customer base regularly visits a branch.