Macquarie Bank, one of Australia’s largest financial institutions with $267 billion in assets, is introducing a groundbreaking initiative to phase out cash and checking services, as stated in an update on its website. Starting in November, the bank aims to transition towards a digital-centric banking experience.

To prepare for this transformative change, customers are encouraged to embrace digital transactions, which offer a safe, swift, and more convenient approach to banking. Macquarie Bank will be gradually eliminating its cash and check facilities, meaning customers will no longer have access to over-the-counter services at physical branches, nor will they be able to deposit or collect checks or order new checkbooks.

Effective from November 1, 2024, the following services will no longer be available:

– Writing or depositing personal checks
– Depositing or requesting bank checks
– Depositing cash or checks over the counter at NAB branches
– Making super contributions or payments via check

It is important to note that any checks received after October 31, 2024, will be returned to the sender. Once the transition is complete, Macquarie customers will only be able to withdraw cash from their accounts using ATMs operated by other banks, with a daily withdrawal limit of $2,000 AUD.

This move aligns with a broader trend in Australia, where the use of cash is steadily declining. 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 removed during this period.

To express their concerns about the widespread closures and the country’s shift away from cash, Australians organized a rally on April 2nd. The protest aimed to draw attention to the issue and highlight the impact of these changes on the community.

Stay up to date with the latest news by subscribing to our email alerts. Follow us on X, Facebook, and Telegram. Get ready to ride the waves with The Daily Hodl Mix.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you undertake are done at your own risk, and you are solely responsible for any losses incurred. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. It is important to note that The Daily Hodl engages in affiliate marketing.

Image: Midjourney