Changes to cash and cheque services

As you may know, we’re phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts.

To prepare for this change, your clients will need to start transacting digitally - a safe, quick, and more convenient way to bank. Please note, if your clients are already transacting digitally, you don’t need to do anything.

We’re removing our cash and cheque facilities in a phased approach. Here’s a list of what’s already changed, and what’s coming next.

• Clients can no longer order a cheque book for a new client’s CMA (including for any wrap accounts that may be linked to your client's CMA).
• We’ve switched off our automated telephone banking service which means that clients can no longer make payments over the phone.
• access over the counter services at Macquarie offices
• deposit or collect cheques at a Macquarie office
• order new chequebooks.

From Friday 1 November 2024

You and your clients may not be able to:

• write or deposit personal cheques
• deposit or request bank cheques
• deposit cash or cheques over the counter at NAB branches 
• make a super contribution or payment via cheque

Please note any cheques received after Thursday 31 October 2024 will be returned to the sender.

Clients can still withdraw cash

Clients who have Macquarie transaction accounts or Offset Account with a Macquarie Debit Mastercard, can continue to withdraw cash at ATMs across Australia and overseas without fees^.

^ We don’t charge fees to use ATMs overseas. However, you may be charged a fee by international ATM operators.

Please ensure that your clients are set up for online banking, so they’re prepared to make digital transactions. If you have clients who frequently use cash or cheques, we encourage you to prompt them to start using Macquarie Online Banking and/or the Macquarie Mobile Banking app.

• View our guide on getting started with digital banking. This guide which explains how your clients can make digital transactions, and the benefits of online banking. You can share this with you clients.
• View our Help Centre article: Our Help Centre has lots of information about online banking. You can send your clients this Help Centre content about Accessing online and mobile banking which explains how they can register and use online banking.

Use Adviser Initiated Payments

Adviser Initiated Payments (AIP) allows you to make digital payments on behalf of your client from their cash account. You can use AIP for superannuation and pension payments. AIP is also available for a number of different payment types including:

• PayAnyone, available to any account in Australia with a transaction limit of $500,000 per day
• unlimited BPAY® payments (subject to BPAY biller code amount limits).

For more information about AIP, you can read this Help Centre on adviser initiated payments. We’ve also included the links to Help Centre articles for additional types of AIP:   

• Help Centre article on Adviser initiated pension payments
• Help Centre article on Adviser initiated super payments
  

As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers and advisers can access secure and reliable digital payment options.  

Digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real-time.

Clients also get access to Macquarie Authenticator which provides an added layer of security for digital payments. Macquarie Authenticator gives your clients the ability to approve or deny payments or changes in real-time, so they always have control and confidence that their financial information and accounts have the highest level of security. 

If your client makes a payment via cash or cheque, they also run the risk of it being stolen or lost in the mail.

There are a number of ways to make payments digitally. We encourage your clients to work with the person they are paying, or who is paying them, to choose a digital payment method. 

Check out below some of the common types of transactions you or your clients might be making today, and how you or your clients can make them digitally.

Some of these payment methods will require your clients’ authorisation via Macquarie Authenticator.

Digital banking is a more secure way to transact because you can view and track transactions and other account activity in real-time.

Clients get access to Macquarie Authenticator which provides an added layer of security for digital payments. Macquarie Authenticator gives your clients the ability to approve or deny payments or changes in real-time, so they always have control and confidence that their financial information and accounts have the highest level of security.

When a payment is made via cash, cheque or telephone banking, clients don't have the chance to approve or deny the transaction. You also run the risk of the cash or cheque being lost in the mail or stolen.