Macquarie Bank, one of the leading banks in Australia with $267 billion in assets, has announced its plans to eliminate cash and checking services in a recent update on its website. The bank emphasizes the shift towards a digital-centered banking experience, which is set to commence in November.

To prepare for this transition, customers are encouraged to embrace digital transactions, as it offers a safer, faster, and more convenient way to bank. Macquarie Bank will be phasing out its cash and cheque facilities gradually, thereby limiting access to over-the-counter services, check deposits and collections, and the ordering of new checkbooks at their physical locations.

Effective from November 1, 2024, customers will no longer be able to write or deposit personal cheques, request or deposit bank cheques, deposit cash or cheques over the counter at NAB branches, or make super contributions or payments via cheque. Furthermore, any cheques received after October 31, 2024, will be returned to the sender.

Once the changes are fully implemented, Macquarie customers will only be able to withdraw cash from their accounts using ATMs owned by other banks. However, there will be a daily withdrawal limit of $2,000 AUD.

This move by Macquarie Bank aligns with a broader trend in Australia, as the country sees a decline in the use of cash. According to the Australian Prudential Regulation Authority (APRA), 424 bank branches, accounting for 11% of all banks in the country, were closed between June 2022 and June 2023. Additionally, access to 718 ATMs was also restricted during this period.

In response to these closures and the country’s shift away from cash, Australians organized a rally on April 2nd to voice their concerns and draw attention to the issue.

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