Fury erupts as Australia’s fifth biggest bank prepares to scrap cash transactions

It would appear Australia is one step closer to embracing a cashless society after Macquarie Bank announced plans to scrap cash transactions across all of its branches.

The fifth-largest bank in Australia revealed they will be dropping cash, cheque, and phone payment services from 2024 with payments to be conducted entirely digitally and all cash withdrawals to take place entirely at ATMs from 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,” Macquarie Bank said in a statement.

“Customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees. However, cash deposits and branch withdrawals will no longer be available.

“This means from November 2024 we’ll no longer offer cash or cheque services. Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank.”

The move was quickly met with condemnation from members of the public who hold strongly to the view that “cash is king”.

Great. I’ll never do business with them again.

— Fish (@danielmandrews) September 14, 2023

Well sausage sizzle charities at Bunnings and the local boy mowing lawns for some extra pocket money are just more victims of “progress” Or is big brother controlling everything we do ????

— Mick Hoc???????????????????? (@mrhoc99) September 14, 2023

This is about control…

— Col Burns (@ColBurns1954) September 13, 2023

Angers me no end. We have a right to cash.

— Sharon Gaye Bawden (@bawden_sharon) September 14, 2023

When we’ve seen the number of computer hacks we’ve seen the last few years into major companies, you are dreaming (and outright lying) @macquariebank if you think this safer and more secure!

This is WRONG for society and you know it. This is JUST GREED.

Cash is King!

— WB (@WB_PersonalAcct) September 13, 2023

May be their stupid cashless society is what’s on the way, when cash have existed for thousands of years without any problem! Cash gives people joy which can never be replaced with their dud plastic money idea. Why all this grief?

— @egoyibonwaiwu (@egoyibo55) September 14, 2023

With the latest announcement from Macquarie, it seems that the move to a cashless society is inevitable, however, armed with the right tips and advice, this transition can be a smooth and empowering journey.

From starting with familiar purchases and seeking support from loved ones, these valuable insights will pave the way for a seamless transition into the cashless world.

• Start with familiar transactions: Begin by using cashless payment methods for familiar transactions, such as grocery shopping or paying bills. This approach allows you to gain confidence with everyday purchases before venturing into more complex transactions.
• Educate yourself: Take advantage of online tutorials, guides, and workshops that explain the ins and outs of digital payment platforms. Familiarise yourself with the features, security measures, and terms of service to make informed decisions.
• Seek support from tech-savvy friends or family: If you encounter any difficulties during the transition, reach out to tech-savvy friends or family members for guidance and support. They can offer valuable insights and help troubleshoot any issues.
• Practice patience and perseverance: Transitioning to a cashless society may take time, so be patient with yourself as you adapt to new methods. Embrace the learning process and remember that practice makes perfect.

CEO of Tribeca Financial Ryan Watson stresses that “education is the key” to successfully making the transition.

“Make a time to visit your local bank branch and ask them to take you through how best to use their cashless services, i.e. internet banking, card tap and go, etc,” he suggests.

“From education will come understanding, and from understanding will come confidence in order to use your bank’s cashless services.”

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.