What’s changing and when

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. We’re also switching off our automated telephone banking service used to make payments over the phone.

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.

Here are the key dates for our personal banking and wealth management customers. For key dates for business banking customers, see Business Banking changes.

DateCustomers won’t be able to:
From January 2024
  • order a cheque book for a new cash management account (including for any Wrap accounts that may be linked to your cash management account)1.
From March 2024
  • make a payment using our automated telephone banking service.

From May 2024
  • deposit or withdraw cash or cheques over the counter at Macquarie branches
  • order a cheque book on an existing account.
Customers can continue to withdraw cash from their transaction account via ATMs across Australia and overseas without fees2. However, cash deposits and branch withdrawals will no longer be available.
From November 2024
  • write or deposit cheques (including bank cheques)
  • deposit or withdraw cash over the counter at NAB branches
  • make a super contribution or payment via cheque.

1. Please note this change applies to Macquarie Cash Management Accounts (CMA), Macquarie Wrap Cash Accounts and Macquarie Consolidator Cash Accounts.

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

Why we’re removing cash and cheques

As a digital bank, we’re committed to transitioning to completely digital payments, which means phasing out cash and cheques across our products, and continuing to ensure customers and businesses can access secure and reliable digital payment options.

Cash withdrawals and deposits after November 2024

If you have a Macquarie Transaction Account, you can continue to withdraw cash from ATMs across Australia and overseas without fees1. However, cash deposits and branch withdrawals will no longer be available from November 2024.

Customers who join us from May 2024 will still be able to deposit cash until November 2024. However, we encourage you to start using digital options as soon as possible.  From November 2024, we’ll be unable to process cash received and you’ll need to request that all payments are made to you digitally.

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

Cheque books and processing cheques

From January 2024, customers won’t be able to order cheque books for new Cash Management Accelerator accounts.

For all other products, you can use your current cheque book until November 2024. Depending on your banking product, you may be able to order cheque books until May 2024.

Processing cheques

We’ll be unable to process any cheques received after November 2024. You’ll need to request that all payments are made to you digitally. We’ll communicate more details on what happens to any cheques we receive after November 2024, closer to the time.

Super and pension cheques

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

Common types of payments

Now's a good time to start using alternative digital methods for making and receiving payments. Here are some common types of payments you might be making or receiving today, and how you can make them digitally.  

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

I want to:You can do that digitally: 
Pay a billBPAY®, Direct Debit or EFT 
Send money to a friend, colleague or family member EFT or PayID 
Deposit money into my account 
BPAY, EFT, Direct Debit or PayID
Pay my home loanDirect Debit or via salary credit or EFT
Pay my car loanDirect Debit, EFT or BPAY depending on your car loan product
Pay my credit cardBPAY or Direct Debit
Make a contribution (Super only)SuperStream, BPAY, Direct Debit or EFT (note, options available are to super accounts only and depend on the contribution type).
Receive an income stream payment or make a lump sum withdrawal (Super only) EFT

For Business Banking customers see common ways for businesses to pay.

What makes digital banking more secure

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

Macquarie customers get access to Macquarie Authenticator which provides an added layer of security for digital payments. The Macquarie Authenticator app gives customers 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, customers don't have the chance to approve or deny the transaction. You also run the risk of the cash or cheque being lost or stolen.

Making a payment with digital banking

Getting started with online banking is easy.

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: 

To access 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 and how they work

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.

What's changing and when

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. We’re also switching off our DEFT automated phone payments service used to make payments over the phone.

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.

 

Here are the key dates:

Date

What’s changing

From March 2024

Your clients will no longer be able to make DEFT payments over the phone. 

From May 2024

You’ll no longer be able to: 

  • deposit or withdraw cash or cheques over the counter at Macquarie branches
  • order new cheque books

From November 2024   

You’ll no longer be able to:

  • write, print or deposit cheques (including bank cheques)
  • deposit or withdraw cash over the counter at NAB branches.

DEFT payment methods:

  • DEFT will no longer accept mail-in cheques (via locked bag)
  • cheques will continue to be accepted in-store at Australia Post

Why we’re removing cash and cheques

As a digital bank, we’re committed to transitioning to completely digital payments, which means phasing out cash and cheques across our products, and continuing to ensure customers and businesses can access secure and reliable digital payment options.

Digital ways for businesses to pay

Now's a good time to start using alternative digital methods for making and receiving payments. 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.

For DEFT clients, you can view our DEFT digital payer guide and share this with your payers. 

If you want to:
You can do this digitally using: 
Pay someone
Online transfer in Macquarie Business Online
Pay another business, e.g. bills and supplier paymentsDepending on what methods the business accepts:
  • Online transfer 
  • BPAY®
  • Set up a Direct Debit from your account 
Pay multiple people or businesses at once, e.g. multiple bills, payroll or other disbursements Generate an ABA or BPAY Batch file in your business management/accounting software and upload it to Macquarie Business Online to authorise and pay 
Make a DEFT payment

Either:

  • Pay DEFT via BPAY or BPAY® Batch file1 in Macquarie Business Online 
  • Set up a Direct Debit from your account at DEFT.com.au 

Make a loan repayment

Online fund transfer 

Set up a Direct Debit from your account

Cancel a bank guarantee 

Requesting the beneficiaries to provide us with their bank account details.

The payout will be transferred to their nominated bank account.

Make small purchases e.g. online subscriptions or as a replacement for petty cash
Consider engaging a third party business cards provider to issue your employees and contractors with physical or virtual debit or credit cards
Make a large, urgent paymentMake a Real Time Gross Settlement (RTGS) payment in Macquarie Business Online 
Make an international money transfer
International Telegraphic Transfer in Macquarie Business Online
Get paid by your clients or other third parties

If you receive a large number of payments, consider which receivables solutions might work for you:

  • DEFT – for trust account receivables
  • Merchant facility to accept card payments in person and online
  • BPAY Biller
  • Direct Debit – to pull payments from others’ accounts

Share your BSB and account number for others to transfer to you.

Collect a property deposit

DEFT AuctionPay or EFT

1. If available via your business management software.

Preparing for this change

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 either make a DEFT payment via their bank’s phone banking service, 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 a customer joins us between May 2024 and November 2024, they can still deposit cash or ask for bank cheques. However, we’d encourage using alternate digital options as these services will be unavailable from November 2024.

Find out which DEFT payers pay by phone or 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.

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 completly 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 November 2024. You’ll need to request that all payments are made to you digitally. We’ll communicate further details on what happens to any cheques we receive after November 2024, closer to the time.

Payment types for businesses

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

 

Payment option 

What is it? 

Pay others

Payments to suppliers, disbursements to clients and third parties, bills, taxes and transfers between your accounts 

Get Paid

Payments from clients or third parties  

Online transfer 

The electronic transfer of funds from one bank account to another 

✔ 

In Macquarie Business Online  

✔ 

Share your BSB & account number with payers 

BPAY ®

Pay and collect bill payments using a unique reference number, allowing for simple reconciliation and reduced fraud  

✔ 

In Macquarie Business Online 

✔ (Eligible clients only – contact your relationship manager to apply) 

Batch payments (ABA and BPAY Batch files)  

Using third party software, pay multiple recipients at once by generating a batch file to upload to MBO  

✔ 

In Macquarie Business Online 

n/a  

Real Time Gross Settlement (RTGS) 

Same-day high value payments between Australian bank accounts 

✔ 

✔  

DEFT  

Receivables solution for trust accounts, e.g. to collect strata levies, rent, insurance premiums or legal payments. Offers multiple payment options to payers including BPAY®, card and direct debit  

n/a 

✔ (Eligible clients only – contact your relationship manager to apply) 

Direct Debit 

Allows the payee to pull funds from a payer’s account 

✔ (If payment method accepted by payee) 

✔ (Eligible clients only – contact your relationship manager to apply) 

Card 

Debit and credit card payments 

✔ (via third party business card provider;  contact your relationship manager for more information)

✔ (Eligible clients only via Macquarie Merchants Services – contact your relationship manager to apply) 

International telegraphic transfer 

International payments via the SWIFT network is an electronic payment to an overseas bank account. Read our International Telegraphic Transfers article.

✔ 

✔  

PEXA 

Australian property settlement platform 

✔ (for settlement purposes) 

✔ (for settlement purposes)  

What makes digital banking more secure

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

Macquarie customers get access to Macquarie Authenticator which provides an added layer of security for digital payments. The Macquarie Authenticator app gives customers 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, customers don't have the chance to approve or deny the transaction. You also run the risk of the cash or cheque being lost or stolen.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

More ways we support 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.

Regular updates  

We’ll regularly update this page as we get closer to November 2024, so check back here at any time for the latest information on our transition to completely digital payments.