Australian Bank Warns Customers About Digital Overhaul

OneEyedDiva said:
Macquarie Bank, that has 27 billion in assets will discontinue cash & checking sercices in November. @Bretrick have you heard about this?

It seems to me like that may hurt the bank's business.
I wonder if any U.S. banks will do the same. 🤔
https://share.newsbreak.com/6vhkevmh
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First time I have heard of it.
I would urge everyone who banks with them to withdraw all their money and close their accounts.
That will not happen though,(all customers withdrawing their money)
Macquarie needs to be punished big time.
 
Stopping cheques (or checks t o Americans) is not new, most banks and credit unions are doing that.

Mcquarrie bank are not a big player in Australia - the Big 4 (ANZ, National, Westpac and Commonwealth Bank ) are not going cashless, nor are credit unions.
Plenty of ATM's around to withdraw cash

I guess if Mcquarrie Bank wants to make themselves a digital only bank and that is what their customers want, no problem for rest of us.
 
January said:
Stopping cheques (or checks t o Americans) is not new, most banks and credit unions are doing that.

Mcquarrie bank are not a big player in Australia - the Big 4 (ANZ, National, Westpac and Commonwealth Bank ) are not going cashless, nor are credit unions.
Plenty of ATM's around to withdraw cash

I guess if Mcquarrie Bank wants to make themselves a digital only bank and that is what their customers want, no problem for rest of us.
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"Stopping cheques (or checks t o Americans) is not new, most banks and credit unions are doing that."
Not sure if you mean Australian banks are stopping checks from being sent to America or American banks are no longer providing checking services. If you mean the latter, that's incorrect. Many of the major banks are soliciting customers to open checking accounts and offering bonuses up to $300 for doing so, requiring monthly direct deposits. I've seen that solicitation as an offer to credit card holders and potential credit card customers.

Regarding your last sentence. I was thinking after posting this thread that perhaps a high percentage of Macquarie customers deal in digital currency and that's why they are making the change.
 
Coming soon to the US :

What Will a U.S. Central Bank Digital Currency Look Like?​

The U.S. central bank digital currency (CBDC) will be the digital or electronic form of the U.S. dollar issued by the Federal Reserve. This form of digital fiat money will be similar to cryptocurrencies but with a fundamental difference. A CBDC will be backed and regulated by the Federal Reserve and act as a legal tender.

With a future U.S. CBDC, the public could use another form of central bank money other than physical cash and digital balances held in individual or corporate bank accounts.1 The United States doesn’t yet have a CBDC as of 2024 but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps toward implementation.

What Will a U.S. Central Bank Digital Currency Look Like?
 
The Federal Court has ordered Macquarie Bank Ltd to pay a penalty of $10 million for failing to have effective controls to prevent and detect unauthorised fee transactions conducted by third parties, such as financial advisers, on customer cash management accounts using Macquarie's bulk transacting facility
 
OneEyedDiva said:
"Stopping cheques (or checks t o Americans) is not new, most banks and credit unions are doing that."
Not sure if you mean Australian banks are stopping checks from being sent to America or American banks are no longer providing checking services. If you mean the latter, that's incorrect. Many of the major banks are soliciting customers to open checking accounts and offering bonuses up to $300 for doing so, requiring monthly direct deposits. I've seen that solicitation as an offer to credit card holders and potential credit card customers.
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I have no idea about American banks. I mean Australian banks are stopping providing cheque accounts for customers.

By " checks to Americans" I just meant what we call cheques are same as checks to Americans.
 
Macquarie bank has 1.7 million 'clients'. Those customers wanting cash will still be able to withdraw it from ATM machines.

The biggest change for its traditional banking customers will happen in May 2024.

That's when it will cease handling cash and cheque deposits and withdrawals over the counter.

Macquarie has 80 offices across its network but only three physical branches, although its customers currently use NAB's much larger network of branches.

The bank's customers will lose the ability to deposit and withdraw cash from Macquarie accounts via NAB, which they can currently do, by November next year.

Ms Wells said this is a move Macquarie 'may wish to reconsider'.

'For some businesses this may cause them to need to change banks,' she said.

By November 2024 all cheque transactions will end with Macquarie, including use of bank cheques.
One of Australia's biggest banks ends cash, cheques and phone payments
 
Paco Dennis said:
Coming soon to the US :

What Will a U.S. Central Bank Digital Currency Look Like?​

The U.S. central bank digital currency (CBDC) will be the digital or electronic form of the U.S. dollar issued by the Federal Reserve. This form of digital fiat money will be similar to cryptocurrencies but with a fundamental difference. A CBDC will be backed and regulated by the Federal Reserve and act as a legal tender.

With a future U.S. CBDC, the public could use another form of central bank money other than physical cash and digital balances held in individual or corporate bank accounts.1 The United States doesn’t yet have a CBDC as of 2024 but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps toward implementation.

What Will a U.S. Central Bank Digital Currency Look Like?
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I've seen about this Paco but I'm still not clear on when CBDCs will be implemented here in the U.S.
 
Paco Dennis said:
Me neither. I also keep seeing this in news articles. With it all becoming digital it should be a seemless transition . :oops:
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I was telling my friend who hates all this tech stuff about the CBDC proposal. While scrolling through the article again to read parts to her, I found two key points that will be made to "sell" this transition. One is that using other forms of currency (ie: cash and checks) will still be available. Two..that steps will be taken to maintain privacy and security. I hope they do not pass this unless those key features are included.
 
I do business with an online bank that also does not cash checks for me or take cash deposits. There’s no way to do that with them. At best I deposit cash at the brick and mortar bank near me, and then transfer the money to the online bank.
 
Brookswood said:
I do business with an online bank that also does not cash checks for me or take cash deposits. There’s no way to do that with them. At best I deposit cash at the brick and mortar bank near me, and then transfer the money to the online bank.
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I wouldn't expect that an online bank could cash checks if it's strictly an online institution, but can you do a digital deposit?
 
Brookswood said:
I do business with an online bank that also does not cash checks for me or take cash deposits. There’s no way to do that with them. At best I deposit cash at the brick and mortar bank near me, and then transfer the money to the online bank.
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I do this too. The online bank is owned by a Canadian big bank. Their interest payments are higher the B&Ms.

I wouldn’t be concerned with what Macquire Bank is doing.
 
OneEyedDiva said:
I wouldn't expect that an online bank could cash checks if it's strictly an online institution, but can you do a digital deposit?
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I can transfer money to and from the online bank. I can also deposit a check by taking a photo of it and uploading it with their app. So far none of them will let me photograph a number of paper bills and deposit them that way. So much for that get rich quick scheme. :p
 
Brookswood said:
I can transfer money to and from the online bank. I can also deposit a check by taking a photo of it and uploading it with their app. So far none of them will let me photograph a number of paper bills and deposit them that way. So much for that get rich quick scheme. :p
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Oh okay. I think the digital check deposit is standard now for institutions that have mobile apps but I actually never heard of anyone being able to take a picture of bills so they could be deposited !
 

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