General > General Technical Chat
Cheques being phased out in Australia by 2030
TimFox:
--- 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 ---
Was there a strong demand from this bank's customers for the bank to stop accepting cash?
tggzzz:
--- Quote from: TimFox on October 17, 2023, 02:52:23 pm ---
--- 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 ---
Was there a strong demand from this bank's customers for the bank to stop accepting cash?
--- End quote ---
Touché ! :)
Skewers the concept that these service reductions are because customers want reduced service :)
TimFox:
How do Australian strippers handle their cash tips?
coppice:
--- Quote from: tggzzz on October 17, 2023, 05:11:29 pm ---
--- Quote from: TimFox on October 17, 2023, 02:52:23 pm ---
--- 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 ---
Was there a strong demand from this bank's customers for the bank to stop accepting cash?
--- End quote ---
Touché ! :)
Skewers the concept that these service reductions are because customers want reduced service :)
--- End quote ---
I don't think anyone claims customers don't want these services. The claim is they don't actually use them enough to continue providing them. Its like the complaints about small high street bank branches closing. They don't exactly look busy in the run up to closure.
TimFox:
My large bank (Bank of America) in the US has implemented ATMs all over its territory, both in branch banks (to reduce their labor force) and in free-standing locations.
They can accept deposits in cash (no coins), as well as dispense cash (in certain denominations).
It can't be that difficult, algorithmically, to count domestic currency automatically, as evidenced by this capability.
Their ATMs also allow deposit of checks, without complaint.
Cash deposits are available immediately, checks require a reasonable clearing time.
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