Current location:entertainment >>
Macquarie Bank to go 'fully digital' and ditch cash within days
entertainment1People have gathered around
IntroductionA major Australian bank will ditch cash and cheques at all its offices within days as the organisati ...
A major Australian bank will ditch cash and cheques at all its offices within days as the organisation goes 'fully digital'.
Macquarie Bank customers will be unable to access over-the-counter services, deposit or collect cheques or order new chequebooks from Monday.
The bank announced it was planning to make the move in May last year, revealing the decision had been made due to a change in customer habits.
From November 1, customers will not be able to write or deposit personal cheques, deposit or request bank cheques, deposit cash or cheques over the counter at NAB branches or make super contributions or payments via cheque.
Macquarie, unlike the 'big four' banks; Westpac, NAB, Commonwealth Bank and ANZ, does not have a traditional branch network, and the changes affect its three offices in Brisbane, Sydney and Melbourne.
From May 20, Macquarie Bank's (pictured) customers will no longer be able to access over the counter services, such as depositing cash
For those who have a Macquarie Transaction or Offset account with a Macquarie Debit Mastercard, cash will still be able to be withdrawn at an ATM.
Read More
Bec Wilson sparks outrage after claiming cash is already dead: Here's why Aussies think she is wrong
To prepare for the phasing out of the cash and cheque services, businesses will need to make sure everyone they deal with has the option of digital transactions, reported 7 News.
'If your payers, clients, and other businesses you work with aren't set up to pay you digitally, please prompt them to get started now,' Macquarie Bank said in a statement.
Its automated telephone banking service was already phased out in March, with clients no longer able to make payments over the phone.
The move has been criticised for not being inclusive, as it could affect how some community members access banking and and those who rely on non-digital services, such as the elderly.
A Macquarie Bank spokesman said last year in a statement the bank is committed to being completely digital because it is 'safer, faster and convenient'.
Customers who have a Macquarie Transaction or Offset account with a debit Mastercard will still be able to take out cash at ATM's
'The majority of our customers already bank digitally and we're working very closely to support the less than 1 per cent of our customers who currently use cheques or cash to ensure they have access to other digital payment methods,' he said.
The shift to being solely digital comes as other major Aussie banks move into having a more digital focus.
Cheques have already started to be phased out at ANZ, Commonwealth Bank and NAB.
Bankwest is transitioning into a digital bank this year, and the bank will be closing 45 branches in Western Australia by October.
Even though the bank faced backlash over the move, it said the decision was influenced by customers' preferences - a whopping 97 per cent of transactions were already completed digitally.
Less than 2 per cent of their customer base visit a branch on a regular basis.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Stories news portal”。http://chile.soorot.com/html-09f099976.html
Related articles
Hoping for a World Without Illness
entertainmentContact Us HomeNewsHighlightACWF NewsSocietyWom ...
Read moreCore blimey: French apple rose tart
entertainmentApples and pears as you’ve never eaten them before, in a savoury tray bake, a stunning squash soup a ...
Read more'Commonsense' win as fish exports to US given all
entertainmentThe activists said they were trying to protect endangered Māui dolphin habitats. Photo: Earthrace Co ...
Read more
Popular articles
- Hard shoulders should be brought back on smart motorways to make them safer, the RAC urges
- Jersey Shore: Family Vacation: Sammi 'Sweetheart' Giancola and Ronnie Ortiz
- Core blimey: Poached pears with blackberry drizzle and hazelnut shortbread
- 'Commonsense' win as fish exports to US given all
- Wang and Hsieh Clinch Women's Doubles Title at Roland Garros
- Queen Camilla, Princess Anne and Sarah Ferguson all don traditional spring shade
Latest articles
LINKS
- Beijing court jails Chinese
- Public servants on edge over nerve
- Erik ten Hag admits he is relieved Harry Maguire stayed at Man United amid injury crisis
- Pep Guardiola is spotted wearing a £1.1MILLION watch while managing Man City against Real Madrid
- The Golden Bachelor couple Gerry Turner and Theresa Nist are getting a divorce
- 5 arrested at dawn over freak accident at Hong Kong boy band Mirror concert
- Man United fan Mark Goldbridge's x
- Kris Jenner, 68, looks chic in D&G dress for 'date night' with longtime boyfriend Corey Gamble, 43
- Man United legend Andy Cole accuses Mikel Arteta of 'mugging off' out
- Fernando Alonso commits his future to Aston Martin by signing new two