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| Cheques being phased out in Australia by 2030 |
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| Halcyon:
--- Quote from: tggzzz on October 17, 2023, 08:13:45 am --- --- Quote from: Halcyon on October 17, 2023, 12:03:37 am ---As a bit of a side note, I just got an email from my bank this morning. From 20/05/2024, they will no longer accept deposits in the form of cheque or cash, with cheques to be completely phased out by November 2024. Cash withdrawals from an ATM will still be possible. https://www.macquarie.com.au/help/general/cheque-and-cash-changes.html --- End quote --- So you take out cash and pay a merchant, who presumably cannot pay cash into their account?! --- End quote --- Business accounts will still retain the ability to deposit cash since most stores still accept cash. |
| tggzzz:
--- Quote from: Halcyon on October 17, 2023, 08:25:06 am --- --- Quote from: tggzzz on October 17, 2023, 08:13:45 am --- --- Quote from: Halcyon on October 17, 2023, 12:03:37 am ---As a bit of a side note, I just got an email from my bank this morning. From 20/05/2024, they will no longer accept deposits in the form of cheque or cash, with cheques to be completely phased out by November 2024. Cash withdrawals from an ATM will still be possible. https://www.macquarie.com.au/help/general/cheque-and-cash-changes.html --- End quote --- So you take out cash and pay a merchant, who presumably cannot pay cash into their account?! --- End quote --- Business accounts will still retain the ability to deposit cash since most stores still accept cash. --- End quote --- What happens if I sell treasures at a hamfest, and wish to deposit cash? What happens when bank attacked or attacks itself or card swallowed (q.v.)? All those have happened and will happen again. |
| Halcyon:
--- Quote from: tggzzz on October 17, 2023, 08:30:12 am ---What happens when bank attacked or attacks itself or card swallowed (q.v.)? All those have happened and will happen again. --- End quote --- I'll take that gamble. You can't exactly compare banks in parts of Asia to here. For starters, every deposit holder in Australia is backed by the Australian Government Financial Claims Scheme, which is designed to protect up to $250k per account holder, per bank should the bank fail. That amount is guaranteed by the Government without any additional insurance or need to opt-in. |
| magic:
Cash is protected without limitations from bank failures, though arguably other dangers exist. This would be my last day at this bank. |
| Halcyon:
--- Quote from: magic on October 17, 2023, 09:09:57 am ---Cash is protected without limitations from bank failures, though arguably other dangers exist. This would be my last day at this bank. --- End quote --- I actually just switched to this bank recently because of their products, but I suggest that you and I have very different ways of banking. That being said, Macquarie is Australia's 5th largest bank. From what I can see, the other big banks are following suit. Once that happens, the smaller banks will follow. Australia is moving ever closer to a cashless economy and whilst I don't see it disappearing entirely anytime soon (like cheques), consumers are voting with their wallets and the use of cash is dwindling. As has been mentioned previously, some stores no longer accept cash anymore. |
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