Macquarie Bank, one of Australia's prominent financial institutions, is set to undergo a significant transformation by phasing out traditional cash payment methods in favour of a digital-only approach starting next year.
As part of this strategic shift, Macquarie Bank will also terminate its collaboration with NAB bank branches.
In a letter addressed to its valued customers, Macquarie Bank outlined the forthcoming changes. By November 2024, customers will no longer have the option to write or deposit cheques, including bank cheques.
Additionally, traditional in-person services such as depositing or withdrawing cash over the counter at NAB branches will be discontinued, and the use of cheques for making super contributions or payments will also be obsolete.
This decision by Macquarie Bank aligns with the global trend towards a cashless society, as more individuals embrace the convenience and efficiency of electronic payment methods.
While the prospect of a fully digital economy promises swifter, more secure, and convenient banking experiences, there are concerns and potential drawbacks to consider.
Harald Scheule, a finance professor at the University of Technology, Sydney, expressed his insights on this significant shift announced by Macquarie Bank.
“Electronic payments are a potential "piggybank killer", for a much younger generation: revolutionising the practice of young children receiving pocket money and saving it.”
What does this leave for the older generations that don’t know how to use the newer technology, or younger kids that save up doing backyard chores?
How will kids learn basic money saving skills?
