Australia’s fifth-largest bank, Macquarie Bank, is beginning the transition to digital-only transactions.
The bank has plans to phase out cash, cheque, and phone payments.
“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.
In January 2024, the bank will phase out new checkbooks; in March 2024, telephone banking services will end; in May 2024, depositing or withdrawing cash or cheques over the counter will be eliminated; in November 2024, depositing checks will end entirely.
The bank has over one million customers.
According to the bank, only 1% of users currently use cash or checks.
Australian Treasurer Jim Chalmers said in June that cheques would be phased out completely by 2030.
Reporting from The Gateway Pundit:
“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and convenient way to bank,” a Macquarie Bank spokesperson said. “The majority of our customers already bank digitally and we’re working very closely to support the less than 1% of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.”
