A significant financial institution has made the shock resolution to scrap money in all of its branches throughout Australia, in what could possibly be one other step in the direction of a cashless society.
Macquarie Bank has introduced it can section money out throughout their branches in 2024, and by November of the identical 12 months, the financial institution gained’t settle for money wherever.
“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 financial institution stated in a press release to purchasers.
As properly as scrapping over-the-counter money transactions, Macquarie can even cease accepting funds by way of phone banking from May subsequent 12 months.
The transfer means clients wishing to withdraw or deposit money will solely find a way to take action by way of an ATM.
Macquarie Bank defended its resolution, saying the overwhelming majority of its clients already banked digitally and solely round 1% used money or cheques.
“As a digital bank, we’re committed to transitioning to completely digital payments by November 2024 as a safer, faster and convenient way to bank,” a Macquarie Bank spokesperson informed NCA NewsWire.
“The majority of our customers already bank digitally and we’re working very closely to support the less than 1% of our customers who currently use cheques or cash to ensure they have access to other digital payment methods.”
Despite the financial institution’s reassurances, there have been fears about what the rising pattern in the direction of digital-only transactions would imply, significantly for older and regional Australians.
“Some of these regional communities in particular have challenges around internet access,” Chief Operating Officer of National Seniors Australia Chris Grice informed 9News in July.
“There’s a lot of work that needs to happen in terms of educating and informing senior Australians in terms of being able to operate using their smartphones and these apps,” he added.
Earlier this 12 months, Commonwealth Bank and ANZ determined to cease dealing with money in a couple of branches, however the transfer by Macquarie to nearly completely section out money is unprecedented.
Treasurer Jim Chalmers additionally introduced in June that cheques can be completely phased out in Australia by 2030.
Angry clients took to social media to vent their fury on the transfer.
“This is ridiculous. What if a child gets cash for their birthday and wants to deposit it,” one particular person wrote on Facebook.
“I am a cash user. What right has the banks to tell me how to access & use my own money. This is not modernising, it’s control & dictatorship,” one other particular person fumed.
Some weren’t so frightened, dismissing fears of a cashless society because the work of “conspiracy theorists”.
“No big drama. I’m glad to use digital currency,” one advocate of the change stated.
Source: www.perthnow.com.au
