Deadline Looms as Major Bank Gears up for Cashless Transition

Australian banknotes taken in Melbourne, Australia on Oct. 12, 2020. William West/AFP via Getty Images

Australian Stock Exchange-listed investment bank Macquarie will discontinue over-the-counter cash and cheque services at offices starting in late May.

This decision is part of Macquarie’s broader transition to a fully digital banking platform, phasing out cash and cheque services across all banking and wealth management products, including super and pension accounts in 2024.

Macquarie first flagged the transition to a digital-only banking platform in September 2023, and the rollout is now underway.

“In case you missed it, 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,” Macquarie Bank states on its website.

“We’re removing our cash and cheque facilities in a phased approach.”

From May 20, customers can no longer order new cheque books or deposit or collect cheques at a Macquarie office.

All over-the-counter services at the bank’s small number of offices will cease from this date.

Then on Nov. 1, Macquarie customers will no longer be able to deposit cash or cheques over the counter at NAB branches.

Further, customers will no longer be able to write or deposit personal cheques, deposit or request bank cheques, or make a super contribution or payment via cheque.

However, Macquarie customers with transaction and offset accounts will still be able to withdraw cash at ATMs across Australia and overseas.

“As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers can access secure and reliable digital payment options,” Macquarie states.

“Digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real time. ”

The bank also plans to switch off its automated telephone banking service, used for phone-based payments, by November.

“Between January and November 2024, we’ll be phasing out our cash and cheque services across all our banking and wealth management products, including super and pension accounts,” Macquarie said at the time.

Macquarie Financial Results Due May 3

Meanwhile, Macquarie is due to announce its financial year 2024 results on Friday, May 3.

Analysts at Goldman Sachs are forecasting the bank to report cash earnings of nearly $3.5 billion (US$2.3 billion), according to the Motley Fool.

Macquarie Bank is part of the broader Macquarie Group which operates in 34 markets around the globe in asset management, retail and business banking, wealth management, commodity trading, renewables development, and capital raising.

The Macquarie Group share price is up nearly 1 percent at the time of writing and trading at $187.20.

Meanwhile, BankWest announced in March it would be closing or converting 60 bank branches to become a digital-only bank.

The bank is planning to convert to a digital bank completely by October 2024, closing or converting all the remaining bank branches it operates in Australia.

The bank claimed 97 percent of transactions are now completed digitally and only two percent of customers visit a branch.

National Australia Bank announced in January 2024 that it would be closing at least 14 branches. At this stage, 11 banks are flagged for closure in New South Wales, Queensland, South Australia, and Victoria.

Westpac on the other hand, has promised it will not close any more regional bank branches until at least 2027.