Macquarie Bank Cashless: Preparing for a Future with No Cash or Cheques

Macquarie Bank's shift towards a cashless society is a significant move, with the bank aiming to become a major player in the digital payments market. This means that customers can expect to see more digital payment options, such as contactless payments and online banking.

The bank has already started to phase out cheques, with many of its customers now using digital payment methods instead. This change is largely driven by customer demand, with more and more people preferring the convenience of digital payments.

Macquarie Bank's cashless strategy is also expected to reduce the bank's costs associated with handling cash and cheques, allowing it to pass the savings on to customers in the form of lower fees.

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We're moving away from cash and cheques because it's the future of payments, and it's more efficient. You'll need to prompt your clients to start paying digitally, especially those who frequently use cash or cheques.

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Digital payments are the way to go, and it's easier than ever. For DEFT clients, you can view our DEFT digital payer guide and share it with your payers to help them get started.

If your payers can't pay digitally, they can use alternative methods like cheque or EFTPOS at Australia Post. But you'll need to remove the phone payment and mail-in cheque methods on any invoices and levy notices that include DEFT payment instructions.

It's essential to communicate the change to your payers, as we won't be able to process any cheques received after October 31, 2024.

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Macquarie Bank's shift towards a cashless society raises important considerations about the advantages and disadvantages of embracing digital cash.

Digital payments offer enhanced security measures compared to cash transactions, reducing the risk of theft or loss associated with physical currency.

Customers can conduct transactions anytime, anywhere, without the need to visit a physical branch or ATM, leading to greater convenience and efficiency.

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Digital transactions leave a clear digital trail, promoting transparency and accountability in financial transactions, which can be beneficial for tracking expenses and preventing fraud.

Contactless payments have gained traction as a hygienic and safer alternative to cash transactions, reducing the risk of virus transmission.

However, the shift towards digital cash raises concerns about privacy and surveillance, as digital transactions may involve the collection and analysis of personal financial data, raising questions about individual privacy rights.

A cashless society relies heavily on digital infrastructure, leaving individuals vulnerable to disruptions such as system outages, cyber-attacks, or technological failures, which could hinder access to funds and essential services.

Not all individuals have equal access to digital payment methods, potentially excluding marginalised groups, such as the elderly, low-income individuals, or those without access to technology, from participating fully in the economy.

Digital transactions are susceptible to cyber threats, including hacking, phishing, and identity theft, posing risks to the security of individuals' financial information and assets.

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Macquarie customers can continue to withdraw cash from over 24,000 ATMs across Australia as normal.

You won't be charged any fees for withdrawing cash from ATMs in Australia, and Macquarie will even cover any fees you might be charged by the ATM operator.

There are also over 3,000 participating retail outlets across Australia where you can make cash withdrawals using your Macquarie debit card.

These include popular stores like Woolworths, Big W, BP, Caltex, and participating IGA stores.

Macquarie customers won't be charged any fees to use ATMs overseas, but you might be charged a fee by the international ATM operator.

After Thursday 31 October 2024, any cheques received by Macquarie will be returned to the sender.

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Digital banking is becoming the norm, and Macquarie Bank is leading the way with its shift to completely digital payments. Macquarie customers will no longer be able to access over-the-counter services at Macquarie offices or order new chequebooks from May 20.

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The bank is citing a shift in customers' banking habits, with 97 per cent of transactions completed digitally. Less than 2 per cent of customers visit a branch regularly, and Australians are using less cash for day-to-day payments.

Macquarie customers will still be able to withdraw cash at an ATM, but other services like depositing cash or cheques over the counter at NAB branches will no longer be available.

To make digital payments, businesses can use Macquarie Business Online, which allows for secure and convenient transactions. You can pay someone online, pay bills and supplier payments, and even make loan repayments or cancel bank guarantees.

Here are some common types of payments you can make digitally:

Macquarie is committed to ensuring customers can access secure and reliable digital payment options. The bank is working with its software providers to support businesses in making the transition to digital payments.

You'll need to prompt your clients who frequently use cash or cheques to start paying you via digital methods. This will help you avoid any issues when the change takes place.

To view your DEFT payers, log in to Macquarie Business Online and check your transaction history. Look for mail-in cheque transactions with 'DEFT Chq' in the description, followed by the payer's DEFT reference number.

You'll need to remove the phone payment and mail-in cheque methods on any invoices and levy notices that include DEFT payment instructions. This will ensure your clients know about the change.

We'll be unable to process any cheques received after 31 October 2024. You'll need to request that all payments are made to you digitally, so it's essential to act quickly.

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