Major Australian Bank to begin phasing out cash and cheques

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“Macquarie Bank will phase out its cash, cheque and phone payments for customers from next year as it moves to digital-only payment systems.
Under the changes, Macquarie Bank – which is Australia’s fifth-largest bank – is also ending its partnership with NAB bank branches.
In a letter written to customers, Macquarie Bank said that by November 2024 customers will be unable to write or deposit cheques (including bank cheques), deposit or withdraw cash over the counter at NAB branches or make a super contribution or payment with a cheque.

From January, Macquarie Bank customers will not be able to order a new cheque book.
Macquarie Bank’s telephone banking system will be scrapped in March next year, while in May cheques will be ditched completely.
Customers will also be no longer able to deposit or withdraw cash or cheques over the counter at Macquarie branches from May 2024.”


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