Posted on 09/20/2023 8:05:06 AM PDT by EBH
It would appear Australia is one step closer to embracing a cashless society after Macquarie Bank announced plans to scrap cash transactions across all of its branches.
The fifth-largest bank in Australia revealed they will be dropping cash, cheque, and phone payment services from 2024 with payments to be conducted entirely digitally and all cash withdrawals to take place entirely at ATMs from 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,” Macquarie Bank said in a statement.
“Customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees. However, cash deposits and branch withdrawals will no longer be available.
“This means from November 2024 we’ll no longer offer cash or cheque services. Instead, you’ll be able to make payments digitally — a safer, quicker, and more convenient way to bank.”
The move was quickly met with condemnation from members of the public who hold strongly to the view that “cash is king”.
(Excerpt) Read more at startsat60.com ...
Leave the bank
You’ll own nothing and like it is moving forward
“and all cash withdrawals to take place entirely at ATMs”
so the customers can still get cash.
There is no more need for tellers and walk-up banking. Sounds like a cost-cutting measure since you can still do cash transactions at ATMs.
“so the customers can still get cash.”
Up to the daily limit, probably 200 bucks a day......
Until they stop repairing ATMs. At my Wells Fargo branch there are two ATMs, one ATM is routinely down and sometimes both.
This is essentially what we have worldwide right now. The only difference is that human tellers won’t have to worry about being killed or taken hostage by a bank robbery. Its a security decision, not the mark of the beast.
The real looming controversy is the planned transition from paper currency to digital currency like the CBDC stable coin pegged to the US dollar and under test by the Federal Reserve.
The theory is that this will eliminate the multi-step clearing procedure that now takes place when purchases are made and accounts are debited and credited in a secure way. In an ideal world, all validation of transactions would be handled by AI agents in milliseconds eliminating the 31 current processing steps needed to clear checks and credit card transactions.
The chief opposition to this is from the middle men processing businesses that make billions skimming off the flow of trillions of dollars in transactions every day.
I was there earlier this year. I found that many businesses, and especially restaurants and public services, would not accept cash. However, when I did pay for something in cash, I immediately came to regret it. Australian coins, known locally as "shrapnel", are very large and very heavy.
“.. a safer, quicker, and more convenient way to bank.”
Safer for whom? Hackers must love these sorts of decisions.
They are going to phase out the ATM ‘s.
That’s a good idea but what if all banks decide to go to the cashless route eventually.
Transfer your money to another bank. 🙄
Considering how remote alot of that country is-—Depending on power/electronic services is madness.
Australia has been a prime test market before a US rollout for many things.
FOR HOW MUCH LONGER????????
YOUR own record keeping will be a nightmare-—YOU WILL HAVE NO WRITTEN RECORDS.
Banks only keep records available for about 90 days now. Anything beyond that is COSTLY—$50 an hour or more to research.
I have done accounting/bookkeeping since 1966.
I have been hired behind other persons who EMBEZZLED-—Worked with 18 month old data to reconstruct business accounting records. THIS type of available information won’t work there.
Another client I had had a “Full time” bookkeeper-—only she wasn’t doing much of the normal required work. When he hired me, I found that she had NOT done any bank reconciliations for over 6 years. NONE AT ALL. HE said “HE CALLED THE BANK EVERY DAY TO FIND OUT HOW MUCH $$$ HE HAD AVAILABLE BEFORE WRITING CHECKS” TOTAL MADNESS!!!!!
PAYABLES records were a total mess-—Payroll reports were delinquent...and on & on. Company did over $3 million a year.
He & I sat down & decided that I would go back ONLY 4 years & try to rebuild everything from there...I at least had actual cancelled checks & bank statements & could match to vendor payments/statements. I couldn’t find anything even resembling a check register & deposit info. HAD NEVER ENCOUNTERED SUCH BEFORE IN MY ENTIRE LIFE.
I had other clients at this same time, but I worked LONG hours & got his books caught up.
I wouldn’t have been able to straighten this all out if everything was digital & NO written records.
It took me over 15 months to get him up to current & squared away-—and I billed him for 2100 hours in that time-—also doing ALL other clients work. Average of 140 + hours a week. I worked into the wee hours of the morning many times.
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