May 18, 2024

Bank in Australia will ban cash

One of Australia’s biggest banks, Macquarie Bank informed customers that it will completely eliminate cash this year. The bank says customers will no longer be able to access a list of over-the-counter services at Macquarie’s physical locations, nor deposit or collect cheques or order new cheque books.

As the Bank stated:

“In case you missed it, we’re phasing out our cash and cheque services for all products. To prepare for this change, you’ll need to start transacting digitally – a safe, quick, and more convenient way to bank. We’re removing our cash and cheque facilities in a phased approach. Here’s a list of what’s already changed, and what’s coming next.”

https://www.macquarie.com.au/help/general/cheque-and-cash-changes.html#tab-panels-0-why-are-we-removing-cash-and-cheques-

“From Friday 1 November 2024

You won’t be able to:

write or deposit personal cheques
deposit or request bank cheques
deposit cash or cheques over the counter at NAB branches
make a super contribution or payment via cheque.

“Please note any cheques received after Thursday 31 October 2024 will be returned to the sender.”

For digital transactions customers need to download Macquarie authenticator on Apple store or Google Play, what is personal Digital ID.

https://www.macquarie.com.au/digital-banking/macquarie-authenticator.html

Of course, the bank promotes new products and services with all of the positive benefits. For many customers what was yesterday’s nightmare will soon become a reality with all the consequences; total control of you money, your spending, transactions and usage.

DB, CB