Macquarie Bank, Australia’s fifth-largest bank, announced it will phase out cash, cheque and phone payments in 2024 as it transitions to digital-only transactions.
The bank told customers they’ll be unable to write or deposit cheques and withdrawal or deposit cash over the counter by November 2024.
“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 told customers, according to news.com.au.
The outlet noted Macquarie Bank’s announcement sparked criticism as another move towards a cashless society.
Macquarie Bank has told customers it will no longer process cheques, accept cash deposits, or permit cash withdrawals from its branches from November 2024 as it transitions to "completely digital payments". https://t.co/9jwIerISfC
— ABC News (@abcnews) September 12, 2023
As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year.
The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM.
News of the decision was met with dismay by some businesses, who said it was “inevitable” other banks would go down the same path as Macquarie.
“People in regional areas constantly have challenges around internet access so using cash is often an easier option, making the local bank branch and cash services important to those in country towns,” General Manager of Junee Licorice and Chocolate Factory, Rhiannon Druce, said.
“There is concern other banks will follow Macquarie Bank’s lead which unfortunately feels inevitable.”
Australia – Macquarie Bank announces shock move to scrap cash in all branches https://t.co/OynHEJ63qQ
— 🌏 The Three Mile Times 🌎 (@Road_Closed1984) September 14, 2023
Investing.com provided a detailed timeline of Macquarie Bank’s move to digital-only transactions:
In March 2024, the automated telephone banking service will be shut down, making it impossible to make payments over the phone. By May 2024, depositing or withdrawing cash or cheques over the counter at Macquarie branches will no longer be possible. Additionally, ordering checkbooks for existing accounts will also be discontinued from May.
In November 2024, writing or depositing cheques, including bank cheques, will no longer be possible. Superannuation contributions or payments using cheques will also cease. Depositing or withdrawing cash over the counter at NAB branches will also become unavailable for the bank’s customers from November.
However, customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees. Cash deposits and branch withdrawals will no longer be available.
Macquarie Bank has over one million retail customers and a market capitalization of just under $69 billion. It is known for its focus on asset management rather than retail banking but still offers valuable retail banking services such as car and home loans, and savings and transaction accounts.Advertisement
Cashless branches are a pattern happening across Australia.
WLTReport previously noted some Australian banks are no longer permitting customers to access cash at some branches.
The Commonwealth Bank, Australia’s largest bank, has adopted the cashless initiative.
“The Commonwealth Bank has opened a number of ‘cashless’ branches with customers no longer able to access their money over-the-counter,” Daily Mail reported.
Australia’s largest bank has gone cashless, citizens can no longer deposit or withdraw their money in the form of physical cash… pic.twitter.com/xr4z20ytBP
— Pelham (@Resist_05) July 19, 2023
Read more at WLTReport:
You want to know what happens next?
I’ll tell you.
We actually warned you about EXACTLY this scenario a few months ago…
INCOMING: US Government May Freeze American Bank Withdrawals
Don’t say I didn’t warn you…
I follow the news for a living and I keep my finger on the pulse of the nation while doing so, and I can tell you something feels very “off” right now.
Like something big is about to drop.
And I feel like it will involve the banks.
Call it a hunch, but my gut isn’t wrong too often.
And it’s very possible your money may not be safe.
Where’s the safest place to put your money?
For decades, we were raised and taught the answer to that question was “in a bank”.
And for decades that answer was correct.
But what if one day the bank just says — sorry! It’s not your money anymore! — and refuses to let you take it out?
That’s not just random speculation by me, many experts are warning that’s coming.
In fact, it already has a name: “bail-ins”.
Check this out:
U.S. may freeze bank withdrawals as currency fear rises, expert warns https://t.co/HeIqYBJIGK
— 𝕀ℕ (@Ianbins) May 14, 2023
And from Stew Peters:
ALERT: US Government May Freeze American Bank Withdrawals As Currency Panic and Capital Flight Mounts – Hedge Fund Manager Hugh Hendry
This will be catastrophic. pic.twitter.com/IPjWj4SzX6
— Stew Peters (@realstewpeters) May 8, 2023
Here’s more, from The Daily HODL:
In a new interview on Bloomberg Markets, Hendry says mass panic and capital flight away from the US banking sector is entirely justified.
Hendry says a further decline in the M2 money supply, which in part tracks money in liquid checking accounts, could convince the US government to step in and prevent citizens from taking their capital out of the banking system.
“Sometimes it’s kind of relevant to panic. I would recommend you panic… You’ve seen the biggest waterfall decline in M2 right now. M2 is deposits, not loans. That’s the deposits fleeing the system and going into money market funds.
That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a US citizen to pull money out of the US banking sector.”
Hendry says capital flight from US banks is not solely about fears on whether the FDIC will insure deposits above $250,000, and a blanket guarantee on deposits would not solve the problem.
“There is capital flight, deposit flight from the banking sector seeking yield. I fear that, I don’t say this lightly, but in 1934 the Federal Reserve Act confiscated gold from US citizens.
We’re at the point where the Fed and Treasury officials I’m sure are having to consider a gate a lock on US bank deposits.”
You can watch that full video here:
But it’s not just these people warning you…
How about President Trump himself?
That’s right, check this out:
TRUMP: “Our Currency Is Crashing And Will Soon No Longer Be The World Standard…”
President Trump said something VERY interesting in his historic speech last night.
Many very interesting things actually.
But one thing really jumped out to me because we’ve been covering it here a lot.
And that is the crash of the U.S. Dollar.
Bo Polny was one of the very first people to ever talk about this, telling me on my show over 2 years ago that it would happen.
Back then people laughed.
Said Bo was crazy.
Now you have President Donald John Trump telling you point blank.
"Our currency is crashing and will soon no longer be the world standard…If you took the five worst Presidents in the history of the United States and added them up they would not have the amount of destruction Joe Biden has done…
These radical left lunatics want to… pic.twitter.com/X20GSBoF1c
— DailyNoah.com (@DailyNoahNews) April 5, 2023
As always, I never like to just leave you with a problem…
Leave you feeling helpless…
Nah, that’s not what we do here.
I like to give you solutions!
And on that note I have just one question for you: “Got Gold?”
Got God’s money?
Might be wise.
Gold Is About To Become “Unobtainium”?
In the history of the world, it usually hasn’t been a bad idea to secure some of your assets in “God’s money” a/k/a Gold.
And boy do I have a big update for you on that.
Here are two of the best, Steve Quayle and Greg Hunter.
I always love listening to these two chat, even though they got a little chippy at the end, with Quayle chipping back “Did you not just hear me?”
That’s ok, stress and tensions running high.
But there was a LOT in this one and I will try to summarize a couple main points.
First, Quayle points out that China has been absolutely DUMPING U.S. Treasuries in recent months, and then accelerating the sales this week.
According to Quayle, they dumped so much this week they sold them for 15 cents on the dollar just to get out.
As Bo Polny keeps warning us, a failure of the U.S. Dollar (USD) $ is coming and this is how you get a failure.
When the second largest holder of U.S. Treasuries rage quits the market and dumps them at fire sale.
Take a look at this:
China cuts US Treasury holdings to lowest level since global financial crisis. And the sales are accelerating.
— Wall Street Silver (@WallStreetSilv) March 25, 2023
Ok, so to everyone who just tuned out when I started talking about Treasuries, let me explain to you why this matters.
DISCLAIMER: no, I am not a Financial Advisor and I’m definitely not YOUR Financial Advisor. But I am a reporter and I report it like I see it. Fair and honest.
Because the US Dollar is likely going down hard….
But that also means Gold is likely about to Moonshot.
Check this out:
Gold's new 8-Year Cycle looks to be confirmed now.
Leaving behind one hell of a sexy looking chart.
The narrative for a big bull market is certainly there. pic.twitter.com/PFv4TJ5KVS
— Bob Loukas 🗽 (@BobLoukas) March 25, 2023
I think you should get out of the banking system now. Shift your deposits into Gold, Silver or Crypto. You can't trust your Bank or the Govt. When the derivatives bubble pops no Govt will be able to print enough money to guarantee all deposits without causing hyperinflation.
— Kim Dotcom (@KimDotcom) March 25, 2023
The Hierarchy Of Money And The Case For $8,000 Gold https://t.co/52Ci27pQxZ
— zerohedge (@zerohedge) March 24, 2023
As for that last one, that would be going from $2,000/oz to $8,000/oz.
We call that a 4x move, or a 400% gain.
You can watch the full interview here on Rumble:
If you already have gold, that’s great!
For everyone else….keep reading:
A Faith-Driven, Conservative Precious Metals Company You Can Use With Your IRA!
For the last year, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells. Now, we see why.
The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the “elites” and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.
If you’ve been waiting for me to bring you a solution about what YOU can do to protect yourself and you’re family, I’m happy to introduce you to something I absolutely love!
I just talked about precious metals this week with Bo Polny and now I’m bringing you a solution that you can utilize right away if you’re so inclined…
A faith-driven, conservative precious metals company is currently helping Americans tap into the rising precious metals market through self-directed IRAs backed by physical precious metals. And while this service is not unique to Genesis, their adherence to Biblical stewardship of money makes them singularly qualified to receive a sponsored recommendation from this site.
Unlike most companies offering similar services, Genesis deals only with physical precious metals. They do not offer “virtual” or “paper” gold or silver.
With Genesis and their depositories, customers can see and touch the precious metals that back their retirement accounts. When it comes time to take distributions, Genesis customers can cash in some or all of their precious metals or have them delivered to their door.
Central bankers aren’t slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it’s understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store.
Working with Genesis is the best way our readers can explore the physical precious metals market through self-directed IRAs. It benefits us as well when our readers work with this America-First company.
Visit GenesisFedUp.com or call 866-292-0443 today.
Don’t wait too long, we might have more bank failures right around the corner.
You know what has NEVER “failed”?
Gold. Precious metals. Indestructible.
There’s a reason they call it “God’s money”.
Watch this for more: