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