The Australian banking group will phase out cash and check transactions at its banks by the end of 2024, as well as suspend telephone payment services.
Macquarie Bank, a global investment group and Australia’s fifth largest bank, has announced plans to move to digital-only trading across its financial institutions. For the time being, you can use cash at ATMs. daily mail report.
“From January 2024 to November 2024, we will be phasing out cash and checking services across all Macquarie banking and wealth management products, including superannuation and super accounts,” the bank said in a statement. Stated. retrieved daily.
Macquarie Bank has announced that it will phase out “new checkbooks for new money management accounts, including linked Macquarie Wrap accounts” in January 2024 in a four-stage approach.
The “automated telephone banking service” will be discontinued in March 2024. In May of the same year, it said: “You will no longer be able to deposit or withdraw cash or checks over the counter at Macquarie branches. Checkbook orders for existing accounts will also be discontinued.”
Finally, in November 2024, “the issuing and depositing of checks, including bank checks, will be completely abolished. Pension contributions and payments using checks will also be suspended.”
A Macquarie Bank spokesperson said: “As a digital bank, we are committed to moving to fully digital payments by November 2024 as a safer, faster and more convenient way to bank.” . “The majority of our customers already bank digitally, and we want to help ensure that the less than 1% of customers who currently use check or cash have access to other digital payment methods. We work very closely.”
The Macquarie Racial Equality Fund funds non-profit organizations and initiatives that “promote racial equality.”
The group also lists strong ESG initiatives, including a commitment to “net zero” by 2050. It also claims to have more than 90 “green energy assets under development.”
“Macquarie’s environmental, social and governance (ESG) commitment reflects our responsibility to our customers, shareholders and the communities in which we operate,” the website says.
The announcement comes days after news that G20 countries have agreed to a set of policy proposals, including digital ID, which the group claims has the potential to further advance financial inclusion.
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