The fifth largest bank in Australia is saying they will go checkless and cashless next year, with the largest bank saying many of their branches will be cashless. We can always look to the crown properties; UK, Canada, Australia and New Zealand, to see what they plan to bring our way. I wonder if this means what they tried in Africa didn’t work out so well, and they’ll just have all the banks go cashless as they migrate us to CBDCs? I just included the first part of the article below which then goes into bank lockdowns as more banks collapse as fractional reserve banking unravels when people lose confidence. And they also have a section on protecting yourself with gold, which is what the nations are doing as they prepare for the Great Reset and a new financial system with a gold backed method of exchange between nations like the IMF Special Drawing Rights.
Macquarie Bank, Australia’s fifth-largest bank, announced it will phase out cash, cheque and phone payments in 2024 as it transitions to digital-only transactions.
The bank told customers they’ll be unable to write or deposit cheques and withdrawal or deposit cash over the counter by November 2024.
“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 told customers, according to news.com.au.
The outlet noted Macquarie Bank’s announcement sparked criticism as another move towards a cashless society.
Macquarie Bank has told customers it will no longer process cheques, accept cash deposits, or permit cash withdrawals from its branches from November 2024 as it transitions to “completely digital payments”. https://t.co/9jwIerISfC
— ABC News (@abcnews) September 12, 2023
News.com.au reports:
As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year.
The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM.
News of the decision was met with dismay by some businesses, who said it was “inevitable” other banks would go down the same path as Macquarie.
“People in regional areas constantly have challenges around internet access so using cash is often an easier option, making the local bank branch and cash services important to those in country towns,” General Manager of Junee Licorice and Chocolate Factory, Rhiannon Druce, said.
“There is concern other banks will follow Macquarie Bank’s lead which unfortunately feels inevitable.”
Australia – Macquarie Bank announces shock move to scrap cash in all branches https://t.co/OynHEJ63qQ
— 🌏 The Three Mile Times 🌎 (@Road_Closed1984) September 14, 2023
Investing.com provided a detailed timeline of Macquarie Bank’s move to digital-only transactions:
In March 2024, the automated telephone banking service will be shut down, making it impossible to make payments over the phone. By May 2024, depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible. Additionally, ordering checkbooks for existing accounts will also be discontinued from May.
In November 2024, writing or depositing cheques, including bank cheques, will no longer be possible. Superannuation contributions or payments using cheques will also cease. Depositing or withdrawing cash over the counter at NAB branches will also become unavailable for the bank’s customers from November.
However, customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees. Cash deposits and branch withdrawals will no longer be available.
Macquarie Bank has over one million retail customers and a market capitalization of just under $69 billion. It is known for its focus on asset management rather than retail banking but still offers valuable retail banking services such as car and home loans, and savings and transaction accounts.
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Cashless branches are a pattern happening across Australia.
WLTReport previously noted some Australian banks are no longer permitting customers to access cash at some branches.
The Commonwealth Bank, Australia’s largest bank, has adopted the cashless initiative.
“The Commonwealth Bank has opened a number of ‘cashless’ branches with customers no longer able to access their money over-the-counter,” Daily Mail reported.
Australia’s largest bank has gone cashless, citizens can no longer deposit or withdraw their money in the form of physical cash… pic.twitter.com/xr4z20ytBP
— Pelham (@Resist_05) July 19, 2023
Read more at WLTReport:
You want to know what happens next?