Macquarie Bank to scrap cash, cheques and phone payments next year

Macquarie Bank is scrapping cash, cheque and phone payment services next year in a major move to modernise its offerings.

Payments will soon only be possible digitally, meaning all cash withdrawals will 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.

New chequebooks for new cash management accounts, including for any Macquarie Wrap accounts that may be linked, will be the first to go in January.

Then in March 2024, it will no longer be possible to make payments over the phone, as the automated telephone banking service is shut down.

In May 2024, depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible.

Ordering chequebooks for existing accounts will also no longer be possible from May.

Macquarie Bank said: “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.”

Then, in November 2024, writing or depositing cheques, including bank cheques, will no longer be possible, nor will superannuation contributions or payments using cheques.

Depositing or withdrawing cash over the counter at NAB branches will also be off the table for the bank’s customers from November.

“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,” Macquarie Bank said.

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