Macquarie Bank, Australia’s fifth largest bank by market cap, has disclosed to its customers that beginning early next year it will phase out its cash and cheque services across all its banking and wealth management products.

Between January 2024 and November 2024, Macquarie will move to a fully digital payments experience, effectively cutting all physical cash-based transactions for both retail banking and business customers.

“[From] November 2024 we’ll no longer offer cash or cheque services,” the company revealed on its website.

“Instead, you’ll be able to make payments digitally – a safer, quicker, and more convenient way to bank.”

Macquarie’s no cash policy will also extend to transactions made through and to its wealth management products, including pension and super accounts.

The bank said that, from March next year, it will also switch off its automated telephone banking service, or DEFT, used by customers to make over-the-phone payments.

Macquarie will also sever its existing branch partnership with NAB, with customers, from November 2024, no longer able to deposit or withdraw cash over the counter at NAB branches, and no longer able to write, print or deposit cheques.

Macquarie has directed customers to use alternative digital methods for making or receiving payments, including BPAY, direct debit or electronic funds transfer (ETF) for paying bills, and ETF or PayID for peer-to-peer payments.

Macquarie Banking and Financial Services, which boasts 1.8 million customers, 1.2 million of whom are depositors, currently accepts cash deposits and cheques made in-person by transaction account holders at three branches based within Melbourne, Sydney and Brisbane CBDs.