AUSTRALIA: Macquarie Bank announces shock move to scrap cash in all branches

Macquarie Bank announces shock move to scrap cash in all branches

A major bank had made a shock decision which could have massive implications for the way Aussies access their cash.

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society.

Macquarie Bank has announced it will phase cash out across their branches in 2024, and by November of the same year, the bank won’t accept cash anywhere.

The move is being slammed as one which will have a particularly negative impact in regional areas, and for elderly Australians.

“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 bank said in a statement to clients.