Customers at a major Australian bank will be stopped from withdrawing and depositing cash and cheques this month, as it shifts towards “completely digital” payments. Macquarie Bank last year announced it would phase out its cash and cheque payments for customers from this year, citing a shift in customers’ banking habits. From May 20, Macquarie customers will not be able to access over-the-counter services at Macquarie offices or order new chequebooks.
The shift follows other major banks as they transition towards digital-focused banking. ANZ, Commonwealth Bank and NAB have already begun phasing out cheques. Bankwest is moving to a digital bank this year, as the bank prepares to shut 45 branches in Western Australia by October.
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