Make and receive all payments digitally

In case you missed it, we’re phasing out our cash and cheque services for all products.

To prepare for this change, you’ll need to start transacting digitally - a safe, quick, and more convenient way to bank.

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.

• We no longer order cheque books for 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 you can no longer make payments over the phone.

From Monday 20 May 2024

You won’t be able to:

• 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 won’t 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.

You can still withdraw cash

If you have a Macquarie Transaction account or Offset account with a Macquarie Debit Mastercard, you can continue to withdraw cash at ATMs across Australia and overseas without fees¹.

For key dates for business banking customers, see Business Banking changes.

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

• Start using Macquarie Online Banking or the Macquarie Mobile Banking app to make digital payments securely. View the steps below or view digital payments guide for more information.
• If you have an adviser, we encourage you to speak to them about making digital payments on your behalf.
• If you receive payments (including dividends) by cheque from your share registry or other third-parties, you’ll need to update your bank details with them to receive these digitally.

As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers 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. 

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

If you make a payment via cash or cheque, you also run the risk of it being stolen or lost in the mail.

For security purposes, we need to record your mobile number before you can start transacting online. Once your mobile number is recorded, you’ll be able to authorise transactions and other account activity such as logins and updates to account details. If you need to update your mobile number, simply give us a call and we’ll update it with you over the phone.

Follow these steps to register for Macquarie Online Banking: 

• go to macquarie.com.au and select ‘Log in’, then select Macquarie Online
• from the login page you can select ‘New to internet banking? Register now’ to register with your Macquarie ID and mobile number. 

If you’ve forgotten your login details, you can click on the ‘Forgot log in details?’ to reset your Macquarie ID or password.

Each time you want to log into online banking, simply enter your Macquarie ID and password. We recommend keeping these details handy. However, for privacy and security purposes, it’s important to keep your login information confidential.

Download Macquarie Authenticator

Macquarie Authenticator is an enhanced verification system which is more secure than SMS. If you’ve downloaded the Macquarie Authenticator app you’ll start to receive notifications to your phone to approve or deny account transactions.

Making an online withdrawal

Once you’re logged into Macquarie Online Banking (following the steps above), simply select Pay and then click on Make a payment to process a withdrawal from your account.  

You can also make withdrawals and more via the Macquarie Mobile Banking app. Learn more about Macquarie Mobile Banking.

Digital payment options vary from bank to bank. When someone is making a payment to you from another bank, they’ll need to confirm your account number, BSB and account name (which is generally your full name) to make a digital payment from their bank.

Once they’ve confirmed your account details, they can choose a payment method. Here are some common digital payment options and how they work.

BPAY:

• BPAY stands for bill payment; it’s a way of paying your bills online
• To make a BPAY payment, you’ll need to confirm the recipient’s biller code and customer reference number.

Electronic Funds Transfer (EFT):

• Electronic funds transfer (EFT) is the transfer of funds from one bank account to another
• To make an EFT, you can simply enter the recipient’s BSB, account number and account name
• EFT is most commonly used for one off payments.  

Direct Debit:

• A Direct Debit is an automatic transaction which transfers money from one account to another
• People use a Direct Debit to pay regular bills such as your monthly phone bill or gym membership
• Setting up a Direct Debit means you don’t need to do anything once the payment is set up; the funds will automatically come out of your account. You can also cancel a Direct Debit at any time.

PayID:

• With PayID, you can pay to a recipient’s bank account quickly and securely by entering their mobile phone number, email, ABN or organisation identifier, instead of their bank details.
• It’s important to note that PayID can only be used if the recipient has PayID set up.

Here are some of the common types of transactions you might be making today, and how you can make them digitally.

Processing super contributions and cheques

We’re aware that certain super contributions can currently only be processed via cheque. Where we are able, we’re solving for these scenarios and expect to have an option before November 2024.  

Processing dividends

If you receive dividends via cheque, we encourage you to contact the share registries and update your bank account details so they can deposit dividends digitally.

Processing government-issued cheques

You should contact government organisations directly and update your bank account detail to receive payments digitally.

Processing cheque payments from third parties

You should contact third parties who pay via cheque directly and update your bank accounts with them so they can start paying you digitally.

New customers

If you open a Macquarie account between Monday 20 May 2024 to Thursday 31 October 2024, you can still deposit cash at NAB branches and/or cheques or ask for bank cheques. However, we’d encourage you to use alternate digital options as these services will be unavailable from Friday 1 November 2024.

In case you missed it, we’re phasing out our cash and cheque services for all business banking accounts.

To prepare for this change, your payers, clients, and other businesses you work with will need to start transacting digitally - a safer, quicker, and more convenient way to bank.

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.

Your clients can no longer make DEFT payments over the phone.

From Monday 20 May 2024

You won’t be able to:

• 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 won’t be able to:

• write or deposit personal or company cheques
• deposit or request bank cheques
• deposit cash or cheques over the counter at NAB branches
• DEFT will no longer accept mail-in cheques (via the Locked Bag service), however cheques will continue to be accepted in-store at Australia Post if you provide payers with a barcode.

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

1. Start using Macquarie Business Online to make payments securely.
2. Update your bank account details with your suppliers and anyone else who pays you, so they can pay you digitally.
3. If your payers, clients, and other businesses you work with aren’t set up to pay you digitally, please prompt them to get started now.
4. If you receive payments by cheque from other third-parties, you’ll need to update your bank details with them to receive these digitally.
5. Check with your software provider when your invoice/levy templates will be updated. If you mention DEFT on your website or in email templates/flyers you’ve created for payers, ensure you remove any references to mail-in cheques.

Here is some extra information to help you with these changes:

• View the DEFT digital payments guide for more information about how to payments via DEFT, you can share the DEFT digital payments guide with your payers too.
• Update your invoices and levy notices: to ensure your payers know about the change, you’ll need to remove the phone payment and mail-in cheque methods on any invoices and levy notices that include DEFT payment instructions.
  
• Find out which DEFT payers pay by cheque: You can view your DEFT payers in Macquarie Business Online under your transaction history. Look for mail-in cheque transactions with ‘DEFT Chq’ in the description, followed by the payer’s DEFT reference number.

All DEFT-integrated software providers know about our transition to completely digital payments, so they’ll be able to support you with making these updates.

Your relationship manager can also give you a list of DEFT reference numbers for which cheque and phone payments have been received recently.

As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers and businesses 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. When you make payments via cash or cheque, you also run the risk of it being stolen or lost in the mail.

Here are some common types of payments you might be making or receiving today, and how you can make them digitally.

You’ll need access to Macquarie Business Online to make digital payments and some of these payment methods will require your authorisation via Macquarie Authenticator.

If you don’t currently have access to Macquarie Business Online or would like some assistance with making payments online refer to our Business Banking Help Centre or contact your relationship manager.

If you have clients who frequently use cash or cheques, we encourage you to prompt them to start paying you via digital methods. For DEFT clients, you can view our DEFT digital payer guide and share this with your payers. 

Where DEFT payers are unable to pay digitally they can pay by cheque or EFTPOS at Australia Post (if they have a rent card, or if your software is able to generate an Australia Post barcode on their invoice).

New customers

If you open a Macquarie account between Monday 20 May 2024 to Thursday 31 October 2024, you can still deposit cash at NAB branches and/or cheques or ask for bank cheques. However, we’d encourage you to use alternate digital options as these services will be unavailable from Friday 1 November 2024.

You can view your DEFT payers in Macquarie Business Online under your transaction history. Look for mail-in cheque transactions with ‘DEFT Chq’ in the description, followed by the payer’s DEFT reference number.

Your relationship manager can also give you a list of DEFT reference numbers for which cheque and phone payments have been received recently.

Update invoices and levy notices

To ensure your payers know about the change, you’ll need to remove the phone payment and mail-in cheque methods on any invoices and levy notices that include DEFT payment instructions.

All DEFT-integrated software providers know about our transition to completely digital payments, so they’ll be able to support you with making these updates.

Processing cheques

We’ll be unable to process any cheques received after 31^st of October 2024. You’ll need to request that all payments are made to you digitally.

Here’s a quick guide on the digital payment alternatives available to you.

Accessibility

Macquarie is committed to supporting clients with accessibility needs. We’ll work directly with those clients to understand their needs and ensure they have the support and access that they need to make payments.

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