It Begins: Australia’s Fifth-Largest Bank Announces Digital-Only Transactions – Will Phase Out Cash, Cheque, and Phone Payments in All 80 Branches Starting Next Year
Australia’s fifth-largest bank, Macquarie Bank, has announced its transition to digital-only transactions. Starting from January 2024, the bank will begin phasing out all cash, cheque, and phone payment services in its 80 branches. By November 2024, all in-branch cash transactions will be completely discontinued.
“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.
According to Investing.com, the bank has laid out a detailed timeline for this transition:
- January 2024: Phasing out of new checkbooks for new cash management accounts, including any linked Macquarie Wrap accounts.
