A major financial services provider in Australia has recently made the decision to go cashless at its offices. However, the company has assured its customers that they will not incur any fees for cash withdrawals from ATMs.
Australia’s largest financial institution has recently made the decision to stop accepting cash transactions at its offices, further fueling the ongoing trend towards a cashless society. Starting 20 May, Macquarie Bank will be transitioning to a digital-only payment system as part of their strategic initiative to gradually eliminate cash and check services across all their products.
Starting next week, Macquarie offices will no longer offer over-the-counter services to customers. Additionally, customers will no longer be able to deposit or collect checks or order new chequebooks at these offices. From 1st November, customers will no longer have the option to write or deposit personal checks, deposit or request bank checks, deposit cash or checks over the counter at NAB branches, or make super contributions or payments via check.
Macquarie, in contrast to the “big four” banks—Westpac, NAB, Commonwealth Bank, and ANZ—operates without a traditional branch network. The adjustments will impact its three offices located in Brisbane, Sydney, and Melbourne. The projected impact of the changes is minimal, affecting a small fraction of the bank’s customer base.
Customers are still able to conveniently access cash through ATMs using a Macquarie card, and the bank has made a commitment to cover any associated ATM cash withdrawal fees. Financial businesses are increasingly limiting their involvement in cash transactions.
Westpac, ANZ, CommBank, and NAB have decided against transitioning to a cashless system. However, these banks have closed branches in various parts of regional Australia, preventing certain customers from accessing cash banking services. Westpac recently announced the closure of four subsidiary Bank of Melbourne branches in Victoria. The affected branches are located in Broadmeadows, Airport West, Werribee Plaza, and South Morang.
The closures come as a result of the bank’s recent announcement to shut down approximately 20 branches in Queensland, NSW, Victoria, and South Australia. According to Ross Miller, the chief customer engagement officer at Westpac, the bank has taken steps to enhance its customers’ access to cash transactions, even in light of the closures.
“We’ve digitally connected our brands and branches meaning Westpac, St George, Bank of Melbourne and BankSA customers can now use any of our more than 500 branches for cash and cheque deposits and cash withdrawals,” he said.
In April this year, NAB made the decision to close two branches in the small North Queensland towns of Sarina and Proserpine due to low customer use figures. A majority of customers, around 56 percent, visited the NAB branch in Sarina only once in 2023, according to the bank. Similarly, about 64 percent of customers used the Proserpine branch just once throughout the year. The Senate Rural and Regional Affairs and Transport References Committee is currently investigating the branch closures that have affected regional Australia. They anticipate releasing their final report in May.