A major Australian bank will phase out cash and checks across all its offices within days as the organization goes “fully digital”.
Macquarie Bank customers will not be able to access over-the-counter services, deposit or cash checks or order new checkbooks from Monday.
The bank announced it planned to make the move in May last year, revealing that the decision had been made due to a change in customer habits.
Starting November 1, customers will not be able to issue or deposit personal checks, deposit or request bank checks, deposit cash or checks over the counter at NAB branches, or make super contributions or check payments.
Macquarie, unlike the “big four” banks; Westpac, NAB, Commonwealth Bank and ANZ do not have a traditional branch network and the changes affect their three offices in Brisbane, Sydney and Melbourne.
From May 20, Macquarie Bank customers (pictured) will no longer be able to access over-the-counter services such as cash deposit.
For those who have a Macquarie Transaction or Offset account with a Macquarie Debit Mastercard, you will still be able to withdraw cash at an ATM.
To prepare for the phase-out of cash and check services, businesses will need to ensure that everyone they deal with has the option to make digital transactions, it said. 7 news.
“If your payers, customers and other businesses you work with are not set up to pay you digitally, tell them to start now,” Macquarie Bank said in a statement.
Its automated telephone banking service was already phased out in March and customers were no longer able to make payments over the phone.
The move has been criticized for not being inclusive as it could affect how some members of the community access banking and those who rely on non-digital services, such as the elderly.
A Macquarie Bank spokesperson said in a statement last year that the bank is committed to going fully digital because it is “more secure, faster and more convenient.”
Customers who have a Macquarie Transaction or Offset account with a debit Mastercard will still be able to withdraw cash at ATMs.
“The majority of our customers already bank digitally and we are working very closely to help the less than 1 per cent of our customers who currently use checks or cash to ensure they have access to other digital payment methods,” he said.
The move to going digital-only comes as other major Australian banks take a more digital approach.
Checks have already started to be phased out at ANZ, Commonwealth Bank and NAB.
Bankwest is transitioning to a digital bank this year and will close 45 branches in Western Australia in October.
Although the bank faced backlash for the move, it said the decision was influenced by customer preferences: a whopping 97 percent of transactions have already been completed digitally.
Less than 2 percent of its customer base visits a branch on a regular basis.