Digitalization Era: Billion-Dollar Bank Terminates Cash Transactions

The digitalization era is upon us, and we’re seeing this every day, considering the massive financial moves that are constantly being made in this direction. Check out the latest reports about the matter below.

Macquarie Bank, which has more than $250 billion in total assets, has announced that it will be ending cash transactions in all of its branches.

The bank is planning to eliminate all cash, check, and phone payment services starting in January and will shift to a digital operation by the end of 2024.

Macquarie Bank will phase out its cash and cheque services across all its banking and wealth management products, including pension and super accounts, between January and November 2024.

The bank will also be switching off its automated telephone banking service used for making payments over the phone.

Starting from November 2024, cash and cheque services will no longer be offered. Instead, customers will be able to make digital payments, which are safer, quicker, and more convenient.

Starting in November, Macquarie Bank customers who currently deposit and withdraw cash at National Australia Bank branches will no longer have that option.

Instead, they will need to use Macquarie Bank’s ATMs, which have a withdrawal limit of $2,000 AUD per day.

However, customers can still withdraw cash from their transaction account for free at any ATM across Australia and overseas. Cash deposits and branch withdrawals will no longer be available.

While other banks like ANZ and Commonwealth Bank are also planning to eliminate cash options at select branches, Macquarie Bank is the first to implement these changes across all branches.

Although fewer people are using cash for payments, a recent report from Australia’s central bank highlights that cash is still important to some people, as it was used in 27% of in-person transactions in 2021, compared to 23% in 2020.

Stay tuned for more relevant news.