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Topics: Money, News, Social media, Australia
Poppy Bilderbeck
People are flooding to social media in outrage after a bank announced plans to transition to 'completely digital payments'.
While most of us are down for saving the trees, when it comes to banking and technology, it can feel safer to have the physical cash or cheque in your hand and be able to pay with it in person over the counter.
Well, customers of Macquerie Bank, a global financial service, won't have as much of a choice after the bank revealed it's set to phase out it's 'cash and cheque services across all [its] banking products'.
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The changes will take place between January and November 2024.
Macquerie's website informs: "We’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts.
"We’re also switching off our automated telephone banking service used to make payments over the phone.
"This means from November 2024 we’ll no longer offer cash or cheque services. Instead, you’ll be able to make payments digitally - a safer, quicker, and more convenient way to bank.
Here are the key dates for our personal banking and wealth management customers."
But what does this actually mean? Well, from January 2024, you can say bye-bye to a new cheque book for 'a new cash management account' and from March, you won't be able to pay anyone using the bank's automated telephone service.
From May, you can wave goodbye to popping into any branch to deposit a cheque, or withdraw or pay in cash across the counter - and cheque books will be gone for good with customers left unable to order them even for an existing account.
And finally, from November, you can no longer write or deposit cheques, get or give cash over the counter at any branches, or use cheques for 'a super contribution or payment' at all.
And it's fair to say Macquarie customers aren't taking the news well, flooding to X (Twitter) to weigh in with their thoughts on the upcoming changes.
One user tweeted: "I’ve never banked with @macquariebank and I never will by the looks of it. #CashisKING."
"Angers me to no end. We have a right to cash," another said.
And a third commented: "It's not time to close your accounts one may have with them then."
Tyla has contacted Macquarie Bank for comment.