Macquarie Bank to Ban Cash and Cheque Services From 2024

“Between January and November 2024, we’ll be phasing out our cash and cheque services across all our banking and wealth management products,” the bank said.

A general view of a Macquarie Group building in Sydney, Australia, on Oct. 28, 2016. AAP Image/Dan Himbrechts

Australia’s fifth-largest bank will phase out cash and cheque deposits and withdrawals from 2024 as it plans to transform into a solely digital banking platform.

Macquarie Bank, which has a market capitalisation of over $65 billion (US$41.7 billion) as of Sept. 22, and is a major player institutional banker apart from the big four banks, made the surprise move in September.