Australia's Macquarie Bank will eliminate the use of cash at its branches later this month as part of its transition to a fully digital offering.
"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," as stated on the bank's website.
Macquarie Bank to Stop Supplying Deposit Books and Checks After May 20
According to news.com.au, no new deposit books or checks will be available for purchase in the Macquarie Bank after May 20. Before this, phone banking services were already discontinued in early March.
Also, Macquarie clients will no longer be able to deposit or withdraw cash or checks at National Australia Bank (NAB) branches by November 1 due to the closure of their partnership agreement.
The Daily Aus reported that in September 2023, the bank first announced that from January until November 2024, all its banking and wealth management products would no longer accept cash or checks.
After Macquarie's declaration last year, the big four banks did not waste time assuring their clients that they would keep their in-branch cash services. The big four include NAB, Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia, and Westpac Banking Corporation.
However, certain branches of Commonwealth Bank, NAB, and ANZ have stopped taking cash, and consumers are angry over the banks' attempts to make cash transactions more difficult.
Under 99% of Australian Bank Transactions With Consumers Are Now Online
In a previous report by news.com.au, the Australian Banking Association (ABA) said that over 1,600 bank offices in Australia were closed between 2017 and 2022 and that under 99% of all customer bank transactions now take place digitally.
The Reserve Bank of Australia (RBA) noted that the COVID-19 pandemic increased the decline in cash use. Its consumer survey found that cash payments dropped to 13% in 2022 from 70% in 2007.
Some establishments refused to take cash entirely due to the pandemic, but the RBA reported that total cash acceptance remained high at 94% in June 2022.
On the other hand, statistics from the Australian Bureau of Statistics (ABS) showed that ATM withdrawals have steadily declined over the last several years, from 78 million in December 2008 to only 30 million in June 2023.
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