by Jim Hoft, The Gateway Pundit:
Australia’s fifth-largest bank, Macquarie Bank, has announced its transition to digital-only transactions. Starting from January 2024, the bank will begin phasing out all cash, cheque, and phone payment services in its 80 branches. By November 2024, all in-branch cash transactions will be completely discontinued.
“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.
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According to Investing.com, the bank has laid out a detailed timeline for this transition:
- January 2024: Phasing out of new checkbooks for new cash management accounts, including any linked Macquarie Wrap accounts.
- March 2024: Automated telephone banking services will be shut down, making phone payments impossible.
- May 2024: 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.
- November 2024: Writing or depositing cheques, including bank cheques, will be completely phased out. Superannuation contributions or payments using cheques will also cease.
The bank has a market capitalization of just under $69 billion and over one million retail customers.
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