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An Australian banking group will eliminate cash and check transactions at its banks before the end of the 2024 and will cease phone payment services, as well.
Macquarie Bank, a worldwide investment group and Australia’s fifth-largest bank, announced a plan to transition to digital-only transactions at its institutions. Cash will still be available through ATMs for the time being, the Daily Mail reported.
“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 said in a statement, according to Daily Fetched.
In a four-stage appraoch, Macquarie announced that in January 2024 the bank would phase out "new checkbooks for new cash management accounts, including any linked Macquarie Wrap accounts."
March 2024 marks the elimination of "automated telephone banking services." In May that year, "depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible. Ordering checkbooks for existing accounts will also be discontinued."
Finally, in November 2024, "writing or depositing cheques, including bank cheques, will be completely phased out. Superannuation contributions or payments using cheques will also cease."
“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and convenient way to bank,” a Macquarie Bank spokesperson reportedly said. “The majority of our customers already bank digitally and we’re working very closely to support the less than 1% of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.”
The "Macquarie Racial Equity Fund" provides funding to nonprofits and initiatives that "promote racial equity."
The group also lists its robust ESG initiatives including a commitment to "net zero" by 2050. It also claims to have over 90 "green energy assets in development."
"Macquarie’s environmental, social and governance (ESG) commitment reflects our responsibility to clients, shareholders and the communities in which we operate," the website states.
The announcement came days after news that G20 nations had agreed upon a set of policy proposals that included digital ID, which they claimed "could further financial inclusion."
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